Xinyuan Real Estate Co., Ltd. announced that it has not made certain interest payments on its outstanding 14% senior notes issued on January 25, 2021, at maturity on January 25, 2024, and its outstanding 14.5% senior notes issued on September 17, 2020, at maturity on September 17, 2023. The total amount of interest due and payable under the Notes is USD 37.2 million. The company further announces that a principal amount of approximately USD 229.6 million became due and payable under the 2023 Notes owing to its holders' exercise of their right to require the Company to repurchase the 2023 Notes in accordance with the indenture dated September 17, 2020.

The Company has been negotiating with the major holders of the Notes to resolve the matter. The company has also engaged Alvarez & Marsal Corporate Finance Limited and Latham & Watkins LLP to advise on its related debt matters.