San-Yuan Construction to Sell Dunbei Great Wall Building to Raise NT$110 Million for Debt Repayment

(CNA, Taipei, May 19, by reporter Ho Hsiu-ling) San-Yuan Construction Chairman Wang Ya-lin stated that the company must repay NT$100 million in corporate bond principal and NT$10.8 million in interest on May 27 this year. However, its current available funds, after deducting restricted deposits, are only about NT$2 million. The company plans to raise funds by selling the "Dunbei Great Wall" investment property, with funds expected to be secured by May 25 to repay the bond principal and interest. San-Yuan Construction held a major information press conference today to explain its recent financial situation and debt repayment arrangements. Wang Ya-lin attended the conference and stated that this corporate bond was issued on May 27, 2022, with a total value of NT$1 billion and a five-year term. According to the issuance terms, 1/10 of the principal must be repaid in the fourth year, which amounts to NT$100 million in principal and NT$10.8 million in interest due on May 27 this year. Wang pointed out that the company plans to address this by disposing of the real estate. The sale of the Dunbei Great Wall project began 3-4 months ago, and multiple clients have already expressed interest and submitted letters of intent. The relevant contracts are currently being drafted and are expected to be signed soon. The installment payment from the contract will cover the approximately NT$110.8 million bond principal and interest payment, and Wang expressed "very high confidence" in this outcome. As for the scenario where the funds are not secured on time, Wang said the company will use valuable assets for short-term financing and does not rule out negotiating an extension with banks.