SINGAPORE - Dasin Retail Trust has received letters dated April 24 from a credit facility provider exercising its right to repossess two properties over the outstanding amount owed by its trustee-manager for its offshore facility.

The two properties were held by non-executive director Zhang Zhencheng. The offshore facility of $430 million – provided by the Singapore branch of Maybank – was utilised to finance the acquisitions of the initial portfolio of the trust, Xiaotan Metro Mall, Ocean Metro Mall, Dasin E-Colour and Shiqi Metro Mall.

This follows earlier letters by the facility provider received on April 12, informing the trustee-manager of its intention of exercising its right of repossessing the properties unless full payment was made within 14 days of service of the notice.

The trustee-manager is continuing to explore available options with various lenders as part of a restructuring exercise. Further announcements will be made if there are material developments.

Units of Dasin Retail Trust closed up 4.4 per cent or $0.01 to $0.024 on April 26. THE BUSINESS TIMES