Simsen International (HKG:0993) announced that a loan in the sum of HK$76 million advanced to Make Success Limited by Simsen Capital (which is wholly owned by Simsen International) has been in default. The total outstanding principal of the loan attributed to Simsen Capital, China Properties Investment Holdings (HKG:0736) and Power Alliance International Limited are HK$6 million, HK$42 million and HK$28 million respectively.

Simsen International said that Power Alliance, China Properties and Simsen Capital have entered into the PN agreement with Spring Sky Limited, which is wholly owned by Lee Yuk-lun, as the purchaser to conditionally dispose of the promissory note at the consideration of HK$10 million for the partial settlement of the outstanding loan and interest accrued thereon.