East West Bank Acquires Shares in Landsea Green Unit After Loan Default; Landsea Shares Down 7%

MT Newswires Live

Sep 23, 2024

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%

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Most Discussed

{"basename":"","ssrTDKData":{"titleTemplate":"%s - Tiger Brokers","title":"Tiger Brokers | Trading app for stocks, options & ETFs","description":"Invest in US, ASX, HK, China A-shares, ETFs & options with Tiger Brokers, Australia's trusted stock trading app!","keywords":"tiger brokers,tiger brokers au,tiger brokers australia,tiger trade,tiger trading,australia stock platform,US option,US stocks,stocks and options,australian trading platform,online broker australia,stock trading apps,mobile trading app,desktop trading,chess sponsored brokers,share trading platform","social":{"ogDescription":"Invest in US, ASX, HK, China A-shares, ETFs & options with Tiger Brokers, Australia's trusted stock trading app!","ogImage":"https://c1.itigergrowtha.com/portal5/static/media/og-logo.be62fbe1.png","ogUrl":"https://www.itiger.com/news/2469157395"},"companyName":"Tiger Brokers"},"pageData":{"isMobile":false,"isTiger":false,"isTTM":true,"region":"AUS","license":"TBAU","edition":"fundamental"},"isCrawlerRequest":true,"__swrFallback__":{"@#url:\"https://stock-news.skytigris.cn/v3/news\",params:#id:\"2469157395\",edition:\"fundamental\",auth_exemption:1,,,undefined,":{"share":"https://ttm.financial/m/news/2469157395?lang=en_US&edition=fundamental","thumbnail":"","is_english":true,"pubTime":"2024-09-23 14:27","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2469157395","market":"sh","top_or_hot":-1,"title":"East West Bank Acquires Shares in Landsea Green Unit After Loan Default; Landsea Shares Down 7%","media":"MT Newswires Live","content":"<html><body><p> 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.</p><p>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.</p><p>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</p><p>Accordingly, the company's shareholding in Landsea Homes has been cut to 24.9%.</p><p>The international property developer's shares were down over 7% in recent trade.</p><p>Price (HKD): $0.01, Change: $-0.0010, Percent Change: -7.14%</p></body></html>","source":"mtnewswires_news","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>East West Bank Acquires Shares in Landsea Green Unit After Loan Default; Landsea Shares Down 7%</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nEast West Bank Acquires Shares in Landsea Green Unit After Loan Default; Landsea Shares Down 7%\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1092851196\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://community-static.tradeup.com/news/3002d84abbd5ace3c99397c7f95b8d4e);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">MT Newswires Live </p>\n<p class=\"h-time\">2024-09-23 14:27</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><body><p> 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.</p><p>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.</p><p>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</p><p>Accordingly, the company's shareholding in Landsea Homes has been cut to 24.9%.</p><p>The international property developer's shares were down over 7% in recent trade.</p><p>Price (HKD): $0.01, Change: $-0.0010, Percent Change: -7.14%</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK4526","symbol_name":"热门中概股","start_time":0,"source_url":"https://www.mtnewswires.com/","article_id":"2469157395","we_media_id":"1092851196","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2469157395","pubTimestamp":1727072843,"columns":[],"sourceInfo":{"source_id":"mtnewswires_news","name":"MT Newswires"},"weMediaInfo":{"media_name":"MT Newswires Live","introduction":"The most recognized names in North America, Europe and Asia rely on MT Newswires to power their applications. Better news, better service, better price.","home_visible":1,"id":"1092851196","head_image":"https://community-static.tradeup.com/news/3002d84abbd5ace3c99397c7f95b8d4e"},"summary":"Landsea Green Management's  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 SundayAccordingly, 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 : $0.01, Change: $-0.0010, Percent Change: -7.14%","collect":0,"end_time":0,"defaultTopTitle":"","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4526":"热门中概股","BK4023":"应用软件","BK1240":"房地产开发","EWBC":"华美","00106":"朗诗绿色管理","HKD":"尚乘数科","BK4211":"区域性银行","BK4588":"碎股","BK4585":"ETF&股票定投概念"},"translate_title":"贷款违约后，华美银行收购朗诗绿色单位股份；朗诗股价下跌7%","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"00106":0.9,"HKD":1,"EWBC":1},"content_text":"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 SundayAccordingly, 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%","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"}}}