China’s Hong Seng predicts default on 9 7/8% guaranteed senior notes

By Mary-Katherine Stinson

Lexington, Ky., Aug. 26 – Hong Seng Ltd. said it does not expect to pay the principal due at maturity on its $275 million issue of 9 7/8% senior notes, according to a company announcement.

The notes are guaranteed by Hong Yang Group Co. Ltd.

They mature Aug. 27 and will be delisted from the Hong Kong Exchange on Aug. 29.

The company said it will closely monitor the situation and provide updates as appropriate.

The real estate development company is based in Nanjing, China.

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