Zhenro misses grace period, but hopes to make good and pay by May 31

Chicago, April 11 – China’s Zhenro Properties Group Ltd. said that the 30-day grace period has run out on missed interest payments due March 10 for its 8.35% senior notes due 2024 (ISIN: XS2152219973) and its 7.1% senior notes due 2024 (ISIN: XS2346158822), according to an announcement.

The grace period occurred during a Covid lockdown in Shanghai, which has delayed the progress of sales and the asset disposal.

The company is still within the grace period for missed interest payments of $12,862,500 for its 7.35% senior notes due 2025 (ISIN: XS2226898216), of $8.2 million for its 8.3% senior notes due 2023 (ISIN: XS2185842924) and of $11,418,800 for its 7 7/8% senior notes due 2024 (ISIN: XS2099413093).

The grace period ends for those notes, respectively, April 10, April 14, and May 14.

The company still wants to make the interest payments for all of the notes, but it needs more time to arrange payment in light of the current pandemic situation. The company hopes to make payment by May 31.

No acceleration notice on any of the company’s other notes has yet been given by noteholders.

There is another matter. The company will default on April 13 on its 5.98% senior notes, as they mature.

The company likely will not be able to pay the $23,361,000 due. There is no grace period on principal repayment.

The notes will be delisted when they mature.

Noteholders requiring more information about the notes that are due April 13 can contact the company at ir@zhenro.com.

Zhenro is a Shanghai-based real estate developer.

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