China New Town Development Co. Ltd. (HK:1278) has released an update.
China New Town Development Co. Ltd. has secured an extension until 31 July 2024 for the repayment of a RMB20 million overdue loan principal and related penalty interest for its Joint Venture, following negotiations with the Bank. The Board anticipates that this extension will alleviate repayment pressures and mitigate the risk associated with Xincheng Kaiyuan’s guarantee obligations. Shareholders and potential investors are advised to exercise caution when dealing with the company’s shares.
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