Xinjiang Communications Construction announced that its board of directors has approved the proposal on signing and implementing a debt restructuring. Because the Qapqal County Government's original plan to offset the debt with state-owned agricultural land contracting rights could not be implemented due to policy adjustments, the two sides agreed that the county government will resume fulfilling its original debt of 249 million yuan to the company, to be repaid over ten years, with capital occupation interest calculated at an annual rate of 2.65 percent.
Xinjiang Communications Construction Group Co Ltd Class ABoard approved a debt restructuring under which the Qapqal County Government will repay the 249 million yuan debt over ten years with 2.65% annual interest, resolving a previously stalled receivable.
