Rongqiao Group: its subsidiary Wuhan Rongqiao Real Estate has not completed the repayment of 980 million yuan principal debt.

On September 9th, Rongqiao Group Co., Ltd. issued an announcement, disclosing that its subsidiary, Wuhan Rongqiao Real Estate Co., Ltd., had defaulted on its debt. The announcement stated that Wuhan Rongqiao Real Estate was unable to repay the debt to Hubei Branch of China Orient Asset Management Co., Ltd. on time. The specific details of the debt are that China Orient Asset Management acquired 1.2 billion yuan of debt principal and related equity of Wuhan Rongqiao Real Estate from Ping An Trust. Wuhan Rongqiao Real Estate provided land as collateral, Rongqiao Group provided commercial real estate as collateral, and Rongqiao Group and Hubei Three Gorges Huaxiang Group Co., Ltd. provided joint liability guarantees. As of September 2024, Wuhan Rongqiao Real Estate has not paid back 700 million yuan of the principal and has not completed a total of 980 million yuan of principal payments. Currently, Wuhan Rongqiao Real Estate and Rongqiao Group are in discussions with China Orient Asset Management regarding extending the debt repayment period. The announcement from Rongqiao Group pointed out that the company is still facing liquidity issues.