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China South City flags potential default on Oct 2024 notes payment

Reuters
·1-min read
FILE PHOTO: A person works at a residential building construction site in Beijing

(Reuters) - Property developer China South City Holdings said on Friday it is likely to default on the mandatory redemption payment due on Feb. 9 for its 9% Senior Notes due October 2024, citing depressed sales and cash flow.

It also expects to default on the interest payment due on Feb. 12 for its 9% Senior Notes due April 2024.

"...(Such defaults) would have a significant material adverse effect on our business, operations and financial condition, including possibly insolvency or other forms of restructuring," the property developer said.

The company, which has been experiencing an increasing strain on its working capital amid China's property sector woes, said it is seeking financing and is working on generating sufficient cash flow to prevent the potential default.

(Reporting by Ayushman Ojha; Editing by Krishna Chandra Eluri)