‘Holland Drive Condo’ faces default as Haitong issues $20M loan notice to Hatten Land

Hatten Land has recently received a notice of default from Haitong International Financial Products (Singapore) regarding a US$20 million convertible loan. This loan was extended on May 21, 2020, and was intended to help finance the Hatten City Project and other ventures. The loan is secured by a corporate guarantee from a Hatten Land subsidiary in Malaysia, a charge of over 760 million Hatten Land shares, 345 retail units within the project, and personal guarantees from “certain directors” of Hatten Land, who have not been named.

This new development was disclosed by Colin Tan, Hatten Land’s executive chairman and managing director, in a statement released through the stock exchange. The notice from Haitong International requires Hatten Land to pay US$21.5 million, including interests, within five business days from Jan 30.

Hatten Land has reached out to Haitong International for further clarification and has been informed that the latter is willing to postpone any recovery efforts until March 31. In the meantime, both parties are engaged in negotiations to come to a settlement agreement.

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Hatten Land’s shares were last traded at 1.5 cents. The company has been in the news recently, announcing plans to reposition Imperio Mall as a medical mall, with Quantum Healthcare as the anchor tenant. In a clarification statement, Hatten Land also mentioned that most of their projects have been completed. The company is also set to launch a rewards app backed by blockchain technology, which they believe will lead them to new heights.