BEIJING, Sept. 28, 2021 /PRNewswire/ -- Fang Holdings
Limited (NYSE: SFUN) ("Fang" or the "Company"), a leading real
estate Internet portal in China,
today announced that it has entered into settlement deeds (the
"Settlement Deeds") with China Index Holdings Limited ("CIH") and
the Company's convertible notes holders, namely (1) Safari Group CB
Holdings Limited, (2) IDG Ultimate Global Limited, (3) Quartz
Fortune Limited, (4) Velda Power Limited, and (5) Fountain II
Limited, in relation to the convertible notes issued by the Company
in 2015 (the "Convertible Notes"), on (1) June 25, 2021, (2) August
20, 2021, (3) August 20,
2021, (4) August 20, 2021, and
(5) September 22, 2021,
respectively.
On November 13, 2020, a winding-up
petition was presented to the Grand Court of the Cayman Islands against the Company by certain
shareholders. As a result of the winding-up petition and pursuant
to the terms of the Convertible Notes, the outstanding principal
of, and accrued and unpaid interest on the Convertible Notes, which
were originally due in 2022, became due and payable on December 13, 2020. CIH is liable for the payment
obligations under the Convertible Notes pursuant to the guarantee
provided by CIH to the Convertible Notes holders in connection with
the CIH's separation from Fang on June 11,
2019.
Pursuant to the Settlement Deeds, the Company and CIH will each
bear half and together repay the Convertible Notes holders 50% of
the outstanding principal under the Convertible Notes and accrued
interest on September 30, 2021 and
the remaining 50% and accrued interest on December 31, 2021, in full and final settlement
of the Company's indebtedness under the Convertible Notes.
Accordingly, the Company will repay a total of US$84,313,094 to the Convertible Notes holders by
December 31, 2021.
Separately, the Company entered into a supplemental agreement
with CIH on September 24, 2021,
pursuant to which the Company has agreed to repay CIH the
US$84,313,094 borne by CIH under the
Settlement Deeds by December 31,
2023.
About Fang
Fang operates a leading real estate Internet portal in
China in terms of the number of
page views and visitors to its websites. Through its websites, Fang
provides primarily marketing, listing, leads generation and
financial services for China's
fast-growing real estate and home furnishing and improvement
sectors. Its user-friendly websites support active online
communities and networks of users seeking information on, and
value-added services for, the real estate and home furnishing and
improvement sectors in China. Fang
currently maintains approximately 71 offices to focus on local
market needs and its website and database contains real estate
related content covering 665 cities in China. For more information about Fang, please
visit http://ir.fang.com.
Safe Harbor Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. Such forward-looking statements are made under the "safe
harbor" provisions of the U.S. Private Securities Litigation Reform
Act of 1995. These forward-looking statements can be identified by
terminology such as "will," "expects," "is expected to,"
"anticipates," "aim," "future," "intends," "plans," "believes,"
"are likely to," "estimates," "may," "should" and similar
expressions, and include, without limitation, statements regarding
the pending winding-up petition against Fang and any related
matters, and Fang's future financial performance, revenue guidance,
growth and growth rates, market position and continued business
transformation. Such statements are based upon management's current
expectations and current market and operating conditions, and
relate to events that involve known or unknown risks, uncertainties
and other factors, all of which are difficult to predict and many
of which are beyond the Fang's control, which may cause its actual
results, performance or achievements to differ materially from
those in the forward-looking statements. Potential risks and
uncertainties include, without limitation, the impact of Fang's
business development strategies, Fang's ability to continue as a
going concern in the future, the impact of the COVID-19 pandemic,
and the impact of current and future government policies affecting
China's real estate market.
Further information regarding these and other risks, uncertainties
or factors is included in Fang's filings with the U.S. Securities
and Exchange Commission. Fang does not undertake any obligation to
update any forward-looking statement as a result of new
information, future events or otherwise, except as required under
law.
View original
content:https://www.prnewswire.com/news-releases/fang-holdings-limited-announces-settlement-deeds-with-convertible-notes-holders-301386430.html
SOURCE Fang Holdings Limited
