000979SZSE

Announcement of Inability to Repay Maturing Debts

Zhonghong Retreat Co., Ltd.·November 28, 2018·3 pages

✨ AI Summary

This announcement details Zhonghong Holdings Co., Ltd.'s failure to repay maturing debts totaling approximately 882.52 million yuan as of November 28, 2018. The company is negotiating with creditors and exploring asset sales to address the situation. Potential legal actions and financial penalties may arise if the debts remain unresolved, impacting future operations and financial stability.

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Full Translation

AI Translation· azure_openai

Announcement of Inability to Repay Maturing Debts

Zhonghong Holdings Co., Ltd. and all members of the board guarantee that the information disclosed is true, accurate, and complete, without false records, misleading statements, or significant omissions.

1. Basic Situation of Unpaid Maturing Debts

(1) Previously Announced Debt Overdue Situation

As of November 22, 2018, Zhonghong Holdings Co., Ltd. (hereinafter referred to as "the Company" or "Zhonghong") has overdue debts totaling 859,052.61 thousand yuan. For detailed information, please refer to the Company's announcement No. 2018-206 published on November 23, 2018, in "China Securities Journal," "Securities Times," "Shanghai Securities Journal," "Securities Daily," and on the website of Giant Tide Information (www.cninfo.com.cn).

(2) Recently Added Overdue Debt Situation

From November 26 to November 28, 2018, the Company and its subsidiaries incurred additional overdue debts totaling 29,462.96 thousand yuan, all of which are various types of loans. The details of the newly overdue debts are as follows:

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