Longfor Group: The final deadline for the overseas debt restructuring has been extended to December 2nd.

Jinshi Data November 11th news, Longfor Group (03380.HK) disclosed the latest progress of overseas debt restructuring. According to the announcement, the final deadline for the company’s creditor support protocol, which was reached with the creditor group, has been further extended from November 11, 2024 to December 2, 2024, to allow more time for ongoing negotiations on overseas restructuring. Longfor Group announced on September 30th that significant progress has been made in the overseas restructuring, with over 92% of the holders of the existing unpaid principal amount of the notes signing the creditor support protocol. In addition, on August 15, 2024, Qiwang (Hong Kong) Investment Co., Ltd., a project company in which the company owns 50% equity, successfully obtained a HK$8.2 billion refinancing for the Kaiyue project. The Kaiyue project is an important overseas asset for the company and is crucial for the overseas restructuring. Kaiyue is a super luxury residential project developed by Longfor Group and Country Garden in Hong Kong. However, after both companies encountered difficulties, it was first reported that Li Ka-shing’s Cheung Kong Group intended to catch a falling knife and buy the project, and later it was maliciously acquired by overseas capital.