Central China Real Estate says confident it can repay all debt amid liquidity worries

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HONG KONG/BEIJING : Central China Group, a mid-sized property conglomerate based in Henan province, said its operations are back to normal and it is confident of repaying all its debt, a month after it sought support from the government to prevent a cash crunch.Central China's CEO confirmed on Friday it h

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HONG KONG/BEIJING : Central China Group, a mid-sized property conglomerate based in Henan province, said its operations are back to normal and it is confident of repaying all its debt, a month after it sought support from the government to prevent a cash crunch.

Many Chinese developers are facing financial stress after policymakers rolled out more credit-tightening measures this year to curb debt levels in the sector and cool rising home prices. But Central China's operations were also badly hit by heavy flooding in parts of the country this summer and new outbreaks of COVID-19.

By comparison, CCRE had 28.3 billion yuan of interest-bearing debt at end-June, according to its first-half earnings statement, down 9.6per cent from end-December. Moody's revised CCRE's outlook to"negative" last week, citing a challenging operating environment and weakened access to offshore funding.

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