Hatten Land receives notice of default from Haitong over US$20 million loan

By The Edge Singapore
/ EdgeProp Singapore |
Colin Tan, Hatten Land's executive chairman and managing director (Photo: Samuel Isaac Chua/EdgeProp Singapore)
Join our  Telegram  channel and follow our  Facebook  for the latest update.
Hatten Land has received a notice of default dated Jan 30 from Haitong International Financial Products (Singapore) over a US$20 million convertible loan.
The loan, extended back on May 21 2020, was to help finance the Hatten City Project, among others.
The loan is secured by a corporate guarantee from a Hatten Land subsidiary in Malaysia, a charge of over 760 million Hatten Land shares, 345 retail units within the project, plus personal guarantees by "certain directors" of Hatten Land. They were not named.
This update via the stock exchange was issued in the name of Colin Tan, Hatten Land's executive chairman and managing director.
Advertisement
According to Hatten Land, Haiton is asking for US$21.5 million (including interests) to be paid within five business days of Jan 30.
After a follow-up with Haitong, Hatten Land says the former has "prepared to agree to withhold taking recovery actions" until March 31.
In the meantime, the parties are negotiating a settlement agreement.
Hatten Land shares last changed hands at 1.5 cents.

Follow Us
Follow our channels to receive property news updates 24/7 round the clock.
EdgeProp Telegram
EdgeProp Facebook
Subscribe to our newsletter

Our Site

Edgeprop.sg (previously known as The Edge Property Singapore) is the best property portal for real estate agents, investors, home-seekers and sellers alike in Singapore. On EdgeProp, you will be able to find the latest and hottest property news, property listings, and access tools for your research and analysis.

Whether you are looking to buy, sell or rent apartments, condominiums, executive condos, HDBs, landed houses, commercial properties or industrial properties, we bring you Singapore’s most comprehensive and up-to-date property news and thousands of listings to facilitate your property decisions. Click into any listing to check out the new AI Redesign tool to envision your property based on your preferred style, be it Scandinavian, Minimalist or many others.

View More