Controversies
Controversies tied to this brand in public sources. A listing is not a finding of fault.
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2023
Offshore debt default and restructuring setback
Since 2022, Powerlong Real Estate has failed to repay principal and interest on offshore USD notes on schedule, and in November 2023 it failed to pay about US$15.916 million in interest, constituting a default; its share price has fallen more than 90% from its peak. The company subsequently pushed forward offshore debt restructuring, but in February 2025 a Hong Kong court rejected an extension application related to the restructuring plan, and the restructuring process changed. The offshore debt default hit the company's credit and share price; restructuring is still underway, and creditor rights have been damaged.
2022
Some Powerlong Real Estate USD notes not repaid on time
Powerlong announced that it failed to repay US$21.294 million in note principal and interest before July 25. The company responded that nearly 90% of the two related bonds had accepted an exchange offer extension, that the unpaid portion would not trigger cross-default on other debt, and that it would continue communicating with relevant investors. Progress: some notes are overdue; the company explained the extension and waiver arrangements. Entity involved: Powerlong Real Estate Holdings Limited.
Onshore bond issuer receives warning letter from Shanghai securities regulator
Powerlong's onshore bond issuer, Shanghai Powerlong Industrial Development (Group) Co., Ltd., was issued a warning letter as an administrative regulatory measure by the Shanghai Bureau of the China Securities Regulatory Commission for failing to truthfully disclose the ultimate source of private placement funds and for delayed disclosure of new borrowing matters. The company was recorded in the securities and futures market integrity file and must rectify its information disclosure.