China Fortune Land Development Co Ltd

Lianhe Credit has downgraded the long-term debt rating of Longda Meishi and the rating of the Longda convertible bond from CCC to CC, with the rating outlook placed on negative. The issuer and bond ratings have been downgraded by 13 notches from A+ over the past two years. Longda Meishi reported a net loss attributable to the parent company of 736 million yuan for 2025, and the outstanding Longda convertible bond amounts to 697 million yuan. China Fortune Land Development has added a new large enforcement record of 1.51 billion yuan. As of the end of May 2026, the cumulative principal of debts that have failed to be repaid on time reached 27.442 billion yuan. The company posted a loss of 22.859 billion yuan in 2025, with negative net assets of 4.831 billion yuan. Nine outstanding bonds have defaulted, with a total default amount of 18.314 billion yuan, and nine offshore bonds have defaulted with a total amount of 4.56 billion US dollars. The Dongshi convertible bond issued by Dongfang Shishang has matured and defaulted. The issuer is still in the pre-restructuring stage, and the trustee will file a lawsuit. The default amount of this bond is 62 million yuan. Rongxin Group announced that the repayment funds for H20 Rongxin 3 have not yet been secured, and it will negotiate and adjust the repayment arrangements within the grace period. The company reported a loss of 8.51 billion yuan in 2025, and its audit report was issued with a disclaimer of opinion. The total size of its 10 outstanding bonds is 10.632 billion yuan, of which 9 have been extended.

China Fortune Land Development has been hit with a new large enforcement order of 1.51 billion yuan, adding to its latest disclosed debt figures and further highlighting the company's mounting overdue debt pressure. The case is being enforced by the Langfang Intermediate People's Court in Hebei Province, with a filing date of July 3, 2026. The enforcement targets are China Fortune Land Development and Nanjing Dingtong Park Construction Development. As of the end of May 2026, China Fortune Land Development had accumulated overdue debt principal of 27.442 billion yuan that it has failed to repay on time. This figure excludes debts for which restructuring agreements have been signed or maturity dates adjusted, reflecting only the remaining overdue amount. Since its debt crisis erupted in 2021, the company has pushed forward multiple rounds of large-scale debt restructuring, with the total financial debt restructured through signed agreements reaching 192.669 billion yuan. However, creditors that have not signed the agreements are initiating compulsory enforcement, which could easily trigger chain reactions and hamper the efficiency of asset disposals. In addition, the company reported a net loss attributable to the parent company of 22.859 billion yuan for 2025, with negative net assets. Its stock has been placed under delisting risk warning and changed to *ST Huaxing.