Powerlong Real Estate Holdings Ltd. (HK:1238) has released an update.
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Powerlong Real Estate Holdings Ltd. has reached an in-principle agreement to amend its debt restructuring agreement and is facing a delay in dispatching further details on its mandatory convertible bonds to shareholders, now expected by December 31, 2024. Additionally, the company has withdrawn the payment of its final dividend, initially approved by shareholders, citing the need to preserve cash resources amid challenging economic conditions and the ongoing adjustments within China’s real estate industry.
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