(Yicai Global) Nov. 2 -- Share in Longfor Group Holding skyrocketed as the Chinese real estate developer said it plans to repay another large chunk of its syndicated loan due next year in advance.

Longfor [HKG: 0960] surged 18.9 percent to HKD12.86 (USD1.64) as of 1.55 p.m. today, when the Hong Kong Exchange and Clearings suspended trading after the issuance of Typhoon Signal No. 8. The stock price rose 8.2 percent yesterday after plunging over 27 percent on Oct. 31.

The Beijing-based company announced yesterday that it is waiting for creditors’ approval to pay a part of its syndicated loan worth HKD3.5 Billion (USD445.9 million). The previous day, Longfor said it had already completed an advanced payment of HKD5.1 billion for the same syndicated loan.

Longfor remains one of the few leading developers active in the land auction market, as its Chinese peers continue to default on debts.

Longfor reported regular sales since the third quarter, with all loans due this year paid off and advance payments for loans due in 2023 already planned, Wu Yajun said on Oct. 30 at her first investors meeting as strategic consultant.

Wu stepped down from all her positions on Longfor’s board, including chairperson, on Oct. 28 because of age and health-related reasons. Chief Executive Officer Chen Xuping replaced her as chair.

The change in chairperson was initially planned for early August, around the release of Longfor’s interim report, but the transition was delayed amid low sales, Wu noted.

To stabilize market expectations, Longfor also purchased land in Suzhou’s Xiangcheng district for CNY2 billion (USD269.5 million), which is considered a signal for the developer to deepen its strategic layout in the Yangtze River Delta Region.

Editor: Martin Kadiev