Dasin Retail Trust’s creditor to repossess director’s properties over loan default

DASIN Retail Trust : CEDU 0% has received letters dated Apr 24 from the credit facility provider exercising its right to repossess two properties over the outstanding amount owed by its trustee-manager for its offshore facility.

The two properties were held by non-executive director, Zhang Zhencheng. The offshore facility of S$430 million – provided by the Singapore branch of Maybank – was utilised to finance the acquisitions of the initial portfolio of the trust, Xiaotan Metro Mall, Ocean Metro Mall, Dasin E-Colour and Shiqi Metro Mall.

This follows earlier letters by the facility provider received on Apr 12, informing the trustee-manager of its intention of exercising its right of repossessing the properties unless full payment was made within 14 days of service of the notice.

The trustee-manager is continuing to explore available options with various lenders as part of a restructuring exercise. Further announcements will be made if there are material developments.

Units of Dasin Retail Trust closed up 4.4 per cent or S$0.01 to S$0.024 on Friday (Apr 26).