Landsea Green Management's (HKG:0106) subsidiary Landsea Holdings failed to meet certain financial covenants and ratios under a loan agreement dated June 7, 2022, which constituted events of default, entitling the lender to take over the pledged 3,225,578 shares of the US-listed subsidiary of the group, Landsea Homes.
As of date, the said loan has an aggregate outstanding principal amount of $7.4 million, according to a Monday filing with the Hong Kong Exchange.
The lender, East West Bank, has taken ownership of said shares and entered into an agreement with the borrower for a consensual resolution of the credit facility on Sunday
Accordingly, the company's shareholding in Landsea Homes has been cut to 24.9%.
The international property developer's shares were down over 7% in recent trade.
Price (HKD): $0.01, Change: $-0.0010, Percent Change: -7.14%
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