Longfor Says It Has Funds To Repay RMB 1.3 Billion Bank Loan And $250 Million Bond

Longfor Group (00960) told some Hong Kong bondholders it has prepared sufficient funds to repay a RMB 1.3 billion bank loan due later this month and expects to be able to service a dollar bond due next year, according to ETNet. People familiar with the matter said Longfor told a meeting on Tuesday that it plans to have funds ready by March next year to repay a $250 million bond due in April. The repayment money will mainly come from operating cash flow and new onshore borrowing. Longfor also said it had obtained about RMB 3.2 billion in new operating property loans in the first half of the year at an interest rate of about 3%. It currently operates 96 shopping malls, of which 79 are owned assets, and plans to open six more in the second half, including five owned malls. The company plans to raise about RMB 5 billion in operating property loans using those five owned malls.