Wuzhou International subsidiary fails to redeem 7.4% corporate bonds

By Caroline Salls

Pittsburgh, Sept. 24 – Wuzhou International Holdings Ltd. indirect wholly owned subsidiary Wuxi Wuzhou Ornament City Co., Ltd. was unable to meet its obligations to redeem RMB 1.5 billion in principal amount of 7.4% corporate bonds on Sept. 19 and pay RMB 222 million in interest, according to a Wuzhou International news release.

The company said Wuxi Wuzhou was unable to redeem the bonds and make the interest payment as a result of “financial difficulties.”

According to the release, the company is now exploring ways to remedy the default.

Wuzhou said trading in its shares on the Stock Exchange was suspended on Sept. 3, 2018, and will remain suspended until further notice.

The real estate company is based in Wuxi, China.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.