Asia
JY Grandmark Says Defaulted Borrowings Rise to Nearly 3 Billion Yuan
JY Grandmark (HKG:2231) said it had 2.95 billion yuan of defaulted bank and other borrowings as of June 30, out of total borrowings of 3.12 billion yuan, according to a Monday Hong Kong bourse filing.The property developer said lenders had initiated legal proceedings over several defaulted loans.It added that it continues to negotiate with creditors on repayment extensions and is working with advisers to formulate a debt restructuring plan.The company also said contracted sales, including those from joint ventures and associates, totaled nearly 35 million yuan in the first half.As of June 30, it was involved in 252 litigation cases with an aggregate disputed amount of about 2.28 billion yuan.
HKG:2231
