XIN - Xinyuan Real Estate stock rises 3.5% after redeeming RMB 1B bond
Xinyuan Real Estate (XIN) gains 3.5% in premarket trading after fully redeeming the remaining RMB 1B and interest on its corporate bond before it matures on Dec. 28, 2020.The early payment reflects the company's solid cash position and liquidity, said Chairman Yong Zhang. "We want to assure bondholders and investors that Xinyuan is operating in a good condition and all financial obligations will be met on time and in full."See Xinyuan's net debt for the past 11 quarters:The company originally issued the bond on Dec. 28, 2015, with interest of 7.50% from its issuance until Dec. 27, 2018 then 8.20% interest from Dec. 28, 2018 to Dec. 27, 2020.SA contributor Elliott R. Morss says new worries emerge at Xinyuan.
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Xinyuan Real Estate stock rises 3.5% after redeeming RMB 1B bond