On February 20, Tiantian Real Estate reported that China Fortune Foundation Co., Ltd. *** China Fortune, 600340HK) issued an announcement to disclose its debt overdue, debt restructuring and related litigation.
Source: China Fortune Announcement).
The announcement disclosed that Huaxia Fortune said that as of January 31, 2024, the company's cumulative debt that could not be repaid as scheduled reached 2441.5 billion yuan. At the same time, the cumulative amount of debt restructuring realized by the company through signing contracts and other means is about 18857.6 billion yuan.
At the same time, China Fortune also used the equity of its subsidiaries to build the "Happiness Selection Platform" and the "Happiness Preferred Platform" to offset financial and operating debts, with a total amount of about 1601.7 billion yuan.
In addition, in terms of litigation, from the last disclosure to January 31, 2024, the total amount involved in the company's new litigation and arbitration cases is 18$2.9 billion. These cases are still in progress, and the final outcome is uncertain.
At the same time, Huaxia Fortune also emphasized in the announcement that due to multiple factors, the company has faced liquidity risks since the fourth quarter of 2020, resulting in a certain impact on the financing business and the company's normal operation. In order to resolve debt risks, the company is actively promoting the implementation of the "China Fortune Debt Restructuring Plan".