(Yicai Global) Nov. 2 -- Shares of China Fortune Land sank after the Chinese real estate developer said its overdue debt now totals about CNY94 billion (USD14.7 billion) after the company defaulted on a further CNY7.9 billion (USD1.2 billion).

China Fortune Land [SHA:600340] closed down 4.1 percent today at CNY3.50 (55 US cents). The stock has fallen almost 73 percent since the start of this year.

China Fortune Land attributed the latest default to the impact of the macroeconomy, the industry and credit environments, and the coronavirus pandemic. The firm is in talks with the financial institutions involved to extend the maturity date, it said in a statement this morning.

Since its first debt default was announced in February, the Beijing-based developer has faced a cash crunch and rising liabilities that it has failed to repay.

On Sept. 30, China Fortune Land published a debt settlement and sustainable operation plan for its CNY219.2 billion (USD34.3 billion) debt. It aims to repay CNY107 billion by selling assets, while the remainder is settled through maturity date extensions and coupon rate cuts. After restructuring, the firm will keep its residential properties, property management, and industrial park businesses.

China Fortune Land lost CNY4 billion in the third quarter, its earnings report published on Oct. 29 showed, after revenue plunged 62 percent to CNY7.4 billion. For the nine months ended Sept. 30, the company’s net loss was CNY13.5 billion (USD1.1 billion) and its debt-to-asset ratio was 83.3 percent.

Editor: Futura Costaglione