Zhenro defaults on 7 1/8% domestic bonds, has 30-day grace period

Chicago, June 30 – China’s Zhenro Properties Group Ltd. defaulted on the RMB 10.02 million outstanding principal and interest on its 7 1/8% bonds due on June 30, 2022, according to a notice.

The company has a 30-day grace period.

The non-payment has not triggered, and will not trigger, a cross-default under the terms of any of the company’s other notes.

The notes have been delisted.

Noteholders who have questions may contact ir@zhenro with questions.

The non-payments are in addition to previous missed interest payments on the company’s 8.35% senior notes due 2024 (ISIN: XS2152219973), the 7.1% senior notes due 2024 (ISIN: XS2346158822), the 7.35% senior notes due 2025 (ISIN: XS2226898216), the 8.3% senior notes due 2023 (ISIN: XS2185842924) and the 7 7/8% senior notes due 2024 (ISIN: XS2099413093), according to a previous release.

“The company will maintain active communications with creditors and will update the market as soon as practicable on any material developments,” Zhenro said in the release.

Zhenro is a Shanghai-based real estate developer.

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