Fosun Travel Group issues CMBS, raising approximately RMB 7 billion

Fosun Travel Group issues CMBS, raising approximately RMB 7 billion
On March 22, Fosun Tourism and Culture Group (hereinafter referred to as “Fosun Travel”) announced that it has successfully issued the Debon Haitong-Fosun Travel-Sanya Atlantis Asset Support Special Plan, with a total amount of funds raised of700.1 billion.This special plan will complete the registration and listing transfer procedures of CMBS (Commercial Real Estate Mortgage Loan Supported Securities) in accordance with the relevant regulations of the Shanghai Stock Exchange, which is also the country’s first tourist destination CMBS.According to the announcement, Fosun Travel has obtained an undisputed letter from the Shanghai Stock Exchange in November 2019, allowing the hotel and water park properties in Sanya Atlantis to be used as a mortgage, and Hainan Atlantis, a company belonging to Sanya Atlantis100% equity of Tiss Business Development Co., Ltd. and Sanya Atlantis’ operating income and accounts receivable are used as pledges to issue CMBS.Statistics show that in 2019, the turnover of Sanya Atlantis reached 13.100 million US dollars, annual visitor flow reached 5.2 million.According to the plan, about 2.9 billion US dollars of the funds raised by Fosun Travel will be used to repay the existing bank loans of Sanya Atlantis, and other funds will be used for the development of the group’s business.At the end of 2019, Fosun Travel has cash and cash equivalents of approximately US $ 2.1 billion, and the bank’s credit line is still unused at £ 2.5 billion, which was completed 70 today.Issue of 01 billion CMBS.Fosun Lvwen said that this allows Fosun Lvwen to have sufficient funds to develop its business and seize the potential opportunities after the epidemic to reduce risks while seizing various industry opportunities.Sauna, Ye Wang Zheng Yijia editor Wang Zhenzhen proofreading Li Ming picture Fosun travel official account screenshot