ECW’s manager ominously announced that sponsor Forchn Holdings Group Co will ensure that at least 25% of the principal ammount of its outstanding offshore facilities are repaid by Dec 31, 2022 whether by acquisition of asset(s) of EC World REIT and/or its subsidiaries or otherwise. This means that -from the REIT’s perspective - a property is likely to be divested to raise the monies to repay 25% of the offshore loan.
On June 1, EC World REIT’s (ECW) manager announced that it has entered into an agreement with its offshore lenders to extend the maturity of its offshore facilities comprising $299.95 million and US$86.78 million to April 30, 2023. These loans were last renewed on June 28, 2019.
ECW’s onshore facilities of RMB906.5 million mature in July this year and ECW’s manager is in discussions with onshore lenders to extend the maturity of these loans also to April 30, 2023.
