Shangkun Real Estate: In order to improve the financial situation, it is at least 189 million US dollars to exchange bills to exchange bills

Hong Kong stock listed company Shangkun Real Estate (06900.HK) announced today that on July 8, 2022, the company was holding at least $ 189 million in US non -American people outside the United States or 12.25%of the 12.25%prior notes expired in July 2022. The repayment of 90%("minimum acceptance amount") is repaid for exchange offer. The exchanges are issued according to the terms of the exchanges, and are restricted by the conditional rules.

The exchange offer is mainly aimed at improving the company's overall financial status, extending the company's debt period, strengthening its balance sheet, and improving cash flow management.

The company is also asking the clauses contained in the claim and shall solicit the consent bill holder to make several suggestions to revise the date on January 3, 2022 under its conditional regulations. Agree with the main purpose of soliciting the clauses contained in the statement and restrictions on its conditional regulations, the provisions of the breach of contract in the contract contract in order to eliminate the violation of the contract under the switching of the bill or the violation of the contract, which leads to the relevant consent bills that cause the bills of consent notes. Any breach of contract or breach of contract, and revising the incident of failing to repay the contract, so that it is consistent with the clauses of the proposal to be issued according to the exchanges.

In the announcement, Shangkun Real Estate stated that the company predicts that the market conditions in the real estate industry in 2022 are still under pressure. The company's management has reflected determination and responsibility, and is intended to reduce the adverse effects of the recent market conditions. In January 2022, the company completed the exchange offer for the 12.75%prior notes expired in January 2022, which will extend the expiration date to January 2023.

The company is working to perform its financial commitment by extending its existing debt liability or conducting debt -reinstatement, speculative financing and saving expenses. As part of the relevant measures, the company is conducting an offer and agreed to solicit.

If the exchanges offer and agree to solicit failure, the company may not be able to pay all the exchanges, and the company's other efforts made by the company's financial commitments may not be able to achieve the expected results. Therefore, the company may consider replacing debt restructuring.

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