April 21Powerballresultsfortoday2021payoutsLongshi Green Management Co., Ltd. (00106Powerballresultsfortoday2021payoutsHK) released insider information that due to liquidity pressure, the company failed to make payments related to the 2022 bills on schedule.
According to the announcement, in October 2022, Langshi Green Management issued a preferred note with an initial principal of $118994400 and matured on October 20, 2024 ("2022 note" for short). Notes will be listed on the Singapore Exchange Stock Exchange Limited in 2022 at an interest rate of 10% per year.Powerballresultsfortoday2021payouts.75% is paid semi-annually. As at the date of this announcement, the remaining outstanding principal of the 2022 note is $96145000. According to the terms of the 2022 bill, Lansi Green Management shall, on April 20, 2024, be equal to 100% of the principal amount of the 2022 bill.Powerballresultsfortoday2021payoutsThe redemption price redeems at least 30% of the principal amount together with accrued unpaid interest. In view of the liquidity pressure currently faced by the Company, the Company was unable to make payments related to the 2022 notes on April 20, 2024.
Longshi Green Management said that failure to make payments related to the 2022 note could lead the company's creditors to demand faster repayment. The company is currently discussing with the 2022 note holders and will continue to closely monitor the situation and consider all possible actions, including, but not limited to, the development of a comprehensive liability management solution for the Group's related liabilities and the appointment of financial and legal advisers to assist the Company in related work.
According to the Langshi Green Management announcement, due to the slowdown in the real estate market in mainland China since the second half of 2021, the Group's real estate development business in China has experienced a continuous decline, with a significant reduction in the number of housing pre-sales and pre-sale proceeds in 2022 and 2023. The directors of the Company have formulated a number of plans and measures to alleviate the liquidity pressure of the Group and improve its financial position, including, but not limited to, actively adjusting sales and pre-sale activities to better respond to market demand, communicating with stakeholders and expediting the recovery of receivables. As at the date of this announcement, the Group will continue to operate as usual and will make unremitting efforts to ensure property delivery, accelerated property sales and stable business operations.
According to the 2023 results disclosed by Lansi Green Management, Lansi's green management income was 9.04 billion yuan, down 35.52% from the same period last year; the gross profit margin was about 12.3%; the net loss in 2023 was 863 million yuan, 64.84% lower than the same period last year; and the net loss at home was 861 million yuan, 66.75% lower than the same period last year.
In 2023, Longshi Green Management's contracted sales were about 18.39 billion yuan, down 17.61% from a year earlier.
By the end of 2023, Langshi Green Management's total debt was about 7.21 billion yuan, with a short-term debt ratio of about 27.3%; cash and cash equivalents and restricted funds were about 1.09 billion yuan.