Shares of Radiance Holdings plunge after missed bond repayment, ET RealEstate
![](https://yoursproperties.com/wp-content/uploads/2024/03/china-shares-of-radiance-holdings-plunge-after-missed-bond-repayment.jpg)
HONG KONG: Shares of Radiance Holdings plunged as much as 14.3% on Thursday after the Chinese property developer said it has missed the repayment of a $300-million offshore bond due the previous day.
Beijing-based Radiant becomes the latest property firm to miss an offshore debt payment since a debt crisis engulfed the industry in mid-2021, leading to many defaults, such as those of China Evergrande Group and Country Garden.
The price of Radiance shares dropped on Thursday to a record low of HK$1.68 since its Hong Kong listing in 2020.
The dollar notes in question were bid at 41.75 cents on the dollar, down from 90.676 cents in the previous session, data from Duration Finance showed.
The company said in a filing on Wednesday the missed payment would not have any potential material impact on business operations, adding that it was seeking the “optimal solution” to safeguard the interests of all stakeholders.
Its sales have faced extreme pressure from “profound adjustments” in the property sector since the beginning of 2023, it added.
The 7.8% bond due on Wednesday was Radiance’s only outstanding dollar bond offshore. It has three onshore bonds worth 2.8 billion yuan ($389 million) maturing in 2025 and 2026, LSEG data shows.