Now a subsidiary of the group is to pay 1.3 billion dollars (1.28 billion euros) because it cannot service a loan.
Evergrande Group Nanchang has failed to meet its obligations to an unnamed creditor, according to a mandatory announcement to the Hong Kong Stock Exchange. Therefore, she should now pay out a guarantee deposited for the loan. This is a stake in Bank Shengjing.
Evergrande had accumulated around $300 billion in debt last year. In order to reduce these, the group has sold stakes in other companies and parts of its own business in recent months. The real estate group recently announced that it was making “positive progress”, without giving any details.
Source: Nachrichten
