Chinese Estates Reports $ 37 Million Loss on Sale of Kaisa Bonds

HONG KONG, October 26 (Reuters)Chinese Estates Holdings Ltd 0127.HK Said it would record a loss of HK $ 288.37 million ($ 37.10 million) in the current fiscal year following its latest sale of bonds issued by the Chinese property developer Kaisa Group Holdings Ltd. 1638.HK.

The Hong Kong-based real estate developer and investor sold a total of $ 55 million in notes issued by Kaisa for $ 19.32 million, including accrued interest, on October 22 and 25, he said on Monday evening. in a document filed with the Hong Kong Stock Exchange.

The notes included 9.375% senior notes due 2024 with principal amount of $ 23 million, senior perpetual securities of 10.875% with principal amount of $ 4 million and senior notes of 11. , 7% maturing in 2025 with a capital of 28 million dollars.

Chinese Estates said it would use the proceeds for general working capital and reinvestment.

The company announced last week that it will recognize a loss of HK $ 225.89 million ($ 29 million) in its current fiscal year from the sale of bonds issued by Kaisa.

Chinese Estates, former majority shareholder of indebted developer China Evergrande Group 3333.HK, previously said they have significant investments in Kaisa, whose shares have fallen in recent months due to broader liquidity concerns over China’s real estate sector.

($ 1 = 7.7727 Hong Kong dollars)

(Reporting by Donny Kwok; editing by Jane Wardell)

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