Yango Group misses payments on four onshore notes, three other series

By Marisa Wong

Los Angeles, March 22 – China’s Yango Group Co., Ltd. said it published an announcement on the website of the Shenzhen Stock Exchange on March 18 in relation to non-payment of principal and interest of four series of its onshore notes.

In addition, the issuer has not made any payment of principal and interest under its 5.3% senior notes due Jan. 11, 2022 (ISIN: XS2281349618); principal and interest under its 10¼% senior notes due March 18, 2022 (ISIN: XS2008157856); or interest due on Feb. 25 under its 8¼% senior notes due 2023 (ISIN: XS2122380822), according to a company announcement on Tuesday.

The non-payment may trigger possible acceleration of the repayment of the company’s existing offshore financing arrangements.

Yango said it is making efforts to resolve its liquidity issues, hoping to achieve the best outcomes for the company and all of its stakeholders.

The company said it will keep holders of its offshore notes and other stakeholders updated.

Yango is a real estate development company based in Shanghai.

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