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Bond Market News
Lai Sun’s Dollar Bond Drops amid Widening Loss, Plans on Extending Dollar Bond: Sources
March 31, 2026
Hong Kong-based conglomerate Lai Sun reported a sharp widening of its losses during its half-yearly results ending 31 January 2026. The company’s net losses worsened to HKD 682mn ($87mn) vs. HKD 123mn ($16mn) the same period last year. Revenues grew 1.4%, mostly driven by selling two residential towers in China, offset by lower rental income and weaker hotel performance. The losses were driven by three main areas – a loss-making sale of a residential tower in China, a write-down of another tower in the same project and a fall in the value of its investment properties across the portfolio. Removing the non-cash property revaluations and one-off items, the underlying loss stood at HKD 219mn ($28mn), slightly better than the loss in the same period last year. The company had HKD 3.05bn ($391mn) in cash, but owes HKD 12.6bn ($1.6bn) in short-term borrowings and notes under its current liabilities. Lai Sun continues to work on selling assets to raise cash.
In related news, Lai Sun is said to have told bondholders in private conversations on Monday that it is considering a liability management exercise for its dollar bond, as per sources. The company is believed to be looking at upfront cash payments of 20% of the principal, while extending repayment of the remaining amount for three years.
Lai Sun’s $493mn 5% dollar bond due July 2026 fell by 3 points to trade at 81 cents on the dollar.
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