General Announcement::Information updated

Issuer & Securities

Issuer/ Manager
REDCO PROPERTIES GROUP LIMITED
Securities
REDCOP US$191.601984M8%N230323 - XS2459381104 - UOPB
REDCOPUS$267.256792M11%N230806 - XS2459381369 - LZIB
REDCOPUS$153.660649M13%N230407 - XS2459381443 - X9YB
REDCOPROP US$220M11%N220806 - XS2204388644 - KZTB
REDCOPROP US$150M13%N230527 - XS2178382318 - WVOB
REDCOPROP US$266M9.9%N240217 - XS2231089546 - YIXB
REDCOPROP CNY600M10.5%N230106 - XS2360310473 - 55TB
Stapled Security
No

Announcement Details

Announcement Title
General Announcement
Date &Time of Broadcast
29-Dec-2022 22:08:09
Status
New
Announcement Sub Title
Information updated
Announcement Reference
SG221229OTHRUSIE
Submitted By (Co./ Ind. Name)
Annie Wong
Designation
Company Secretary
Effective Date and Time of the event
29/12/2022 22:00:00
Description (Please provide a detailed description of the event in the box below)
As in the case of many other Chinese property developers, the Group is faced with tightened liquidity. As shown in the condensed consolidated financial information of the Group for the six months ended 30 June 2022, the Group has experienced a significant decline in its contracted sales in the first half of 2022.

Since the third quarter, the industry has experienced further deterioration in its contracted sales and liquidity. While 16 supportive measures have been outlined in the Notice of the People s Bank of China and the China Banking and Insurance
Regulatory Commission on Providing Financial Support for the Stable and Healthy Development of the Real Estate Market published in November 2022 with the objective of easing the liquidity issue faced by the industry, it is expected that it would take some time before their impact will be felt.

Against this background, to alleviate the liquidity issues, the Company is considering various measures including but not limited to the followings:

The Group will use its best endeavours to ensure normal business operations including the delivery of properties, which is beneficial to the long-term success of the Group and its stakeholders;

The Group will continue to implement measures to accelerate the pre-sale and sale of its properties under development and completed properties, and to speed up the collection of outstanding sales proceeds and contract assets; and

The Group will continue to take active measures to control administrative costs and maintain containment of capital expenditures.

The Group aims to achieve a holistic solution of its offshore debts that ensures a fair and equitable treatment to its offshore creditors, and provides a sustainable capital structure. To this end, the Company will proactively and constructively engage with the Group s offshore creditors and seek their support. The Group s offshore creditors are also encouraged to contact its Investor Relations Department at ir@redco.cn.

In view of the tight liquidity, the Group will suspend its payment under its offshore debts. Such non-payment may lead to the Group s creditors demanding acceleration of repayment of their debts. As at the date of this announcement, the Group has not received any notice regarding acceleration of offshore repayment.


Attachments

Redco - SGX announcement _ Information update _ 29 Dec 2022.pdf
Total size =96K