Fears of CWT default continue to linger over selected Singapore REITs

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Hong Kong’s financial regulators announced on 16 April that CWT International Limited has failed to pay interests, and fees due under a HKD1.4 billion (USD178 million) loan agreement with its lenders.

This total amount due to its lenders is approximately HKD63 million (USD8 million).

Given the default, CWT’s lenders have declared that all amounts accrued or outstanding under the loan to be immediately due and payable, and that all security relating to the facility agreement is now enforceable.

The security includes CWT International Limited’s interests in its Singapore subsidiary, CWT Pte Ltd - a major tenant at a number of Singapore-listed industrial and logistics REITs.

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