(Yicai) May 14 -- Shares in Agile Group Holdings plummeted today after the struggling Chinese real estate developer, which has already said it will be unable to pay interest on its US dollar bonds next year, missed the extension deadline on the interest payments of two offshore bonds.

Agile’s share price [HKG: 3383] was trading down 14.2 percent at HKD060 (USD0.08) as of 3.30 p.m., giving it a market capitalization of HKD3 billion (USD384 million).

The grace period for the interest payments of two senior US dollar notes with a combined principal of USD483 million expired yesterday, the Guangzhou-based developer said today. The two bonds were issued on Oct. 8 and Nov. 10, 2020 with a coupon rate of 6.05 percent, it added.

Agile is considering all possible courses of action, including debt management solutions, to meet its overseas debt obligations, it said. It will continue to maintain normal operations and will accelerate pre-sales and the recovery of invoiced funds to improve its asset-liability position.

Agile has been badly affected by a prolonged downturn in the country’s real estate sector. The firm’s sales revenue plunged 68 percent in the first four months from a year earlier and 74 percent from 2022 to CNY6.5 billion (USD900 million).

Editor: Kim Taylor