China’s Xinyuan Real Estate fails to pay interest on 2023, 2024 notes

By Marisa Wong

Los Angeles, Oct. 7 – Xinyuan Real Estate Co., Ltd. announced it has not made interest payments for its 14% senior notes due 2024 (ISIN: XS2290806954) and 14½% senior notes due 2023 (ISIN: XS2176792658).

The total amount of interest due and payable under the notes is about $37.2 million, according to a notice.

The company also announced that a principal amount of about $229.6 million became due and payable under the 2023 notes, because holders exercised their right to require the company to repurchase the 2023 notes.

The company said it has been negotiating with the major holders of the notes to resolve the matter.

The company has engaged Alvarez & Marsal Corporate Finance Ltd. and Latham & Watkins LLP to advise on its related debt matters.

The Beijing-based real estate developer operates primarily in China but recently also in other countries.

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