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Dasin Retail Trust has been issued a letter of demand by Malayan Banking Berhad's Singapore branch, seeking immediate repayment of outstanding borrowings. The offshore facility agent has demanded payment of principal amounts totalling USD 129.9 million, along with other sums due. This development comes amid prolonged financial stress for the retail-focused trust, which operates mainly in China. Ongoing challenges such as weak retail conditions and debt servicing pressures have already weighed on the trust's stability, making the latest demand a significant concern for stakeholders.
Dasin Retail Trust has received a formal letter of demand from Malayan Banking Berhad's Singapore branch, marking a further escalation in its ongoing financial challenges. The communication was issued by the offshore facility agent and calls for the immediate repayment of outstanding borrowings under the trust's financing arrangements. Advertisement
According to the disclosure, the bank is seeking payment of principal amounts totalling USD 129.9 million, along with other related sums due under the facility. The demand indicates that the lender considers the amounts immediately payable, placing additional pressure on the trust's liquidity position.
Dasin Retail Trust, which holds retail assets primarily in China, has faced sustained operational and financial strain in recent years. The trust has previously reported difficulties in servicing its offshore debt, amid weak retail performance, tenant disruptions and broader stress in the Chinese property market. These issues have already led to heightened scrutiny from lenders and investors.
The latest demand from Malayan Banking adds to concerns over the trust's ability to meet its debt obligations. It also raises questions about potential enforcement actions should the payment not be made, including possible implications for asset values and ongoing operations.
Source Reuters
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