HONG KONG : Shanghai-based property developer CIFI Holdings said on Tuesday it has suspended payments on all of its offshore debt after it failed to reach an agreement with creditors to which it owes payments of $414 million.
Shares of CIFI plunged 25 per cent after it resumed trading on Tuesday, versus a 2.2 per cent rise in Hang Seng Mainland Properties Index. They have been suspended from trading since Thursday. The firm said on Oct. 13 it did not meet certain offshore interest and amortisation payments due to delays in remittances during an extended holiday in mainland China. Analysts said the obligation involved was a coupon payment of a $319 million convertible bond.
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