Hong Kong developer Parkview Group will have until March 17 to avert a default on a $940 million loan linked to a mall in Beijing, Bloomberg News reported Monday, citing people familiar with the matter.
The developer's interest reserves are 20 million yuan short of the required amount to prevent a default, the report said.
Parkview had used funds under its interest reserve account to partially settle a quarterly interest payment of about 55 million yuan, according to Bloomberg, citing the people.
Should the amount fall below 55 million yuan, Parkview needs 10 days to top it up to avoid a default, the report said.
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