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Shui On Land extends long-stop date in 3.16B-yuan Richcoast Group stake sale

Property developer Shui On Land Ltd. again extended the long-stop date for the 3.16 billion-yuan sale of its 61.54% stake in Richcoast Group Ltd. to Yida China Holdings Ltd. The deadline for the transaction is now May 15, back from March 31.

Shui On and subsidiaries Innovate Zone Group Ltd. and Shui On Development (Holding) Ltd. entered into another supplemental agreement with Yida China and its subsidiary Many Gain International Ltd.

The agreement also provides that Innovate Zone or a related party will provide a 440.0 million-yuan loan to Richcoast Group to allow for debt restructuring. The interest rate on the loan is 9.5% per year, and it will be secured against 50% shares of Dalian Software Park Shui On Kaifa Co. Ltd., an intermediate subsidiary of the Richcoast Group that holds interests in all of its major subsidiaries.

In addition, certain members of the Richcoast Group will pledge certain assets to a third-party financial institution to secure 24-month, 1.04 billion-yuan loans for Yida Development. The assets include about 774,780 square meters of land owned by the Richcoast Group in Dalian, China, worth nearly 3.64 billion yuan as at Dec. 31, 2017. The loans will bear interest at 10.5% per year.

As of March 29, US$1 was equivalent to 6.29 yuan.