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Ruyi receives government investment

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Ruyi Group Received $495 Million State-owned Investment. The investment provided a much-needed cash injection as Ruyi is facing a near 10 billion renminbi debt payable by 2020. City Urban Construction, a government state enterprise acquired 26% of Ruyi to become its second biggest shareholder.

 

In recent times, Shandong Ruyi acquired luxury fashion brands including Swiss shoe retailer Bally and French fashion group SMCP. The acquisition was financed by debt, which had risen to 28 billion yuan (£3.1 billion) by the end of last year, according to the ratings agency S&P.

 

At the end of last year the price of bonds issued by Shandong Ruyi dropped. The company has reportedly hired advisers to draw up refinancing plans for a $345 million (£263 million) bond due shortly.

 

Source: Bloomberg

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