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FINWIRES

Powerlong Real Estate Creditors Approve Debt Restructuring Scheme; Shares Up 4%

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Powerlong Real Estate (HKG:1238) secured creditor approval for its proposed debt restructuring scheme at a scheme meeting, according to a Tuesday Hong Kong bourse filing.

Shares of the Chinese property developer were up nearly 4% in Wednesday morning trade.

A total of 445 scheme creditors holding claims worth about $2.9 billion voted in favor of the proposal, representing about 89.5% of the value of voting claims at the meeting.

Powerlong Real Estate will next seek court sanction for the scheme at a hearing scheduled for June 17 in Hong Kong.

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