Chinese property developer Longfor Group said it made partial early repayment of its syndicated loan in the amount of HK$5.1 billion which is due in 2023, according to a filing to the Hong Kong stock exchange.
In addition, Charm Talent, the controlling shareholder of the company, acquired 3 million shares of the company on the open market at an average price of HK$9.53 on Monday.
After the acquisition, Charm Talent’s stake in Longfor increased to 43.41% from about 43.36% previously, according to the filing.
Longfor shares and bonds saw a massive sell-off on Monday after the company’s chairwoman Wu Yajun stepped down. Its shares tumbled as much as 44% at one point, its biggest one-day loss on record, before closing 23.8% down at HK$10.
At least six onshore bonds issued by Longfor Group, with different maturities, sank by more than 20% on the Shenzhen Stock Exchange before trading was suspended due to “abnormal fluctuations”. Read more …