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Shares of Grand Ming Group (1271) once surged 48.4 percent on Tuesday after the Hong Kong property developer said it has secured waivers from all its lenders over breaches of loan covenants.
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That means banks will not demand immediate repayment under existing financing arrangements.
As of now, the developer has an outstanding loan principal of approximately HK$4.795 billion, with around HK$2.747 billion of that amount under the waived facilities.
Grand Ming said it will continue to repay principal and interest as scheduled, and reiterated that its current loan facilities remain available and operational under existing terms.
The firm's shares closed up 6.25 percent at HK$1.36 on Tuesday.
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