Dasin Retail Trust receives demand notice over onshore facility loan default

The around $67.3m loan facility matured on 31 December 2022.

Dasit Retail Trust has received notices of demand from Bank of China Limited, Zhongshan Branch due to the default for the Onshore Facility 1 loan with an outstanding amount of around $67.3m (RMB355.2m) as of 31 August.

In a disclosure, Dasin Retail Trust said that the notice indicated the facility matured on 31 December 2022. 

The outstanding amount plus interest will accrue until it is fully repaid by its subsidiary Zhongshan Yuanxin Commercial Property Management within five days from the receipt of notice.

Dasin Retail’s trustee-manager said it will continue to explore other options related to restructuring exercise with the lenders in various facilities.

Dasin Retail last month also received separate notices over its Singapore and US-dollar-denominated offshore syndicated term loan facility of up to $430m, and a Singapore and Hong Kong dollar-dominated onshore syndicated term loan facilities of up to $75.8m (RMB400m) for the Doumen Metro Mall acquisition.

RMB1 = SGD0.19