Friday , June 21 2024

Property developer Hung Thinh Land rolls over $66M bonds

Property developer Hung Thinh Land has deferred the redemption of bonds worth VND1.6 trillion ($65.95 million) by 15 months to November 2024.

The bonds were issued in six tranches in 2020, with five maturing in August and one in October this year.

In September other companies in the Hung Thinh Land ecosystem had rolled over the repayment of bonds worth VND9.2 trillion by 24 months.

Hung Thinh and related companies have said several times that the unfavorable market conditions are preventing them from arranging cash to redeem maturing bonds.

Some 60 companies have negotiated with bond investors to delay payments so far this year, according to the Vietnam Bond Market Association, which uses data from the Hanoi Stock Exchange.

Their cumulative value is estimated at VND107 trillion, according to stock brokerage VNDirect.

As of Nov. 21 around 100 companies failed to redeem in time bonds worth VND192 trillion, according to MB Securities.

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