{"id":46899,"date":"2022-08-01T05:50:05","date_gmt":"2022-08-01T05:50:05","guid":{"rendered":"https:\/\/tahrir2day.com\/news\/2022\/08\/01\/evergrande-unit-ordered-to-pay-1-1bn-over-unpaid-debt\/"},"modified":"2022-08-01T05:50:05","modified_gmt":"2022-08-01T05:50:05","slug":"evergrande-unit-ordered-to-pay-1-1bn-over-unpaid-debt","status":"publish","type":"post","link":"https:\/\/tahrir2day.com\/news\/2022\/08\/01\/evergrande-unit-ordered-to-pay-1-1bn-over-unpaid-debt\/","title":{"rendered":"Evergrande: Unit ordered to pay $1.1bn over unpaid debt"},"content":{"rendered":"
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Troubled Chinese property giant Evergrande says one of its subsidiaries has been fined 7.3 billion yuan (\u00a3888.7 million; $1.08 billion) for defaulting on its debt obligations.<\/b><\/p>\n<\/div>\n

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Evergrande Group (Nanchang) Co. Ltd has to make payment to a guarantor for its liabilities, the company says.<\/p>\n<\/div>\n

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It came just two days after it outlined plans to restructure its foreign debt.<\/p>\n<\/div>\n

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However, some commentators criticized the reorganization proposal for lacking concrete details.<\/p>\n<\/div>\n

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On Sunday, the company said in a statement to the Hong Kong Stock Exchange that its subsidiary had failed to meet its debt obligations to an unnamed guarantor. <\/p>\n<\/div>\n

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Evergrande Group (Nanchang) Co. Ltd had pledged a total of 1.3 billion shares it held in Shengjing Bank Co. Ltd as counter-guarantees.<\/p>\n<\/div>\n

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“Since the borrowers did not repay the loans, the applicant fulfilled its obligations under the guarantee and claimed the subsidiary from the pledge,” Evergrande said.<\/p>\n<\/div>\n

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  • The deadline is looming when the Evergrande bosses affected by the crisis resign<\/li>\n
  • Chinese developers accept household agricultural products<\/li>\n
  • How China is trying to contain the Evergrande crisis<\/li>\n<\/ul>\n<\/div>\n<\/div>\n
    \n

    On Friday, Evergrande made a long-awaited announcement about how it plans to restructure its external debt.<\/p>\n<\/div>\n

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    The company said it would offer its offshore creditors packages of assets that could include shares in its overseas entities — including an electric vehicle business and a real estate services company — as sweeteners.<\/p>\n<\/div>\n

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    However, the proposal was seen by some as not detailing enough how Evergrande intends to restructure its huge liabilities.<\/p>\n<\/div>\n

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    Evergrande was once China’s top-grossing real estate developer but has struggled for months with more than $300 billion in debt, around $20 billion of which is held by investors outside of China.<\/p>\n<\/div>\n

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    The announcement came as China’s real estate sector, which accounts for about a third of the world’s second-largest economy, is facing a significant liquidity squeeze.<\/p>\n<\/div>\n

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    A spate of defaults involving several of the country’s heavily indebted developers has unsettled investors who fear contagion to the sector.<\/p>\n<\/div>\n

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    China’s housing crisis is estimated to have wiped out the value of the sector by more than $1 trillion in the past year.<\/p>\n<\/div>\n

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    Last month, two of Evergrande’s top bosses resigned after an internal investigation found they had abused around $2 billion in loans.<\/p>\n<\/div>\n

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    The company said it found Chief Executive Xia Haijun and Chief Financial Officer Pan Darong involved in redirecting loans secured by its real estate services unit to the broader group.<\/p>\n<\/div>\n

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    You might also be interested in:<\/b><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

    Troubled Chinese property giant Evergrande says one of its subsidiaries has been fined 7.3 billion yuan (\u00a3888.7 million; $1.08 billion) for defaulting on its debt obligations. Evergrande Group (Nanchang) Co. Ltd has to make payment to a guarantor for its liabilities, the company says. It came just two days after it outlined plans to restructure […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false,"footnotes":""},"categories":[45],"tags":[],"class_list":["post-46899","post","type-post","status-publish","format-standard","hentry","category-business"],"yoast_head":"\nEvergrande: Unit ordered to pay $1.1bn over unpaid debt - Tahrir News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/tahrir2day.com\/news\/2022\/08\/01\/evergrande-unit-ordered-to-pay-1-1bn-over-unpaid-debt\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Evergrande: Unit ordered to pay $1.1bn over unpaid debt\" \/>\n<meta property=\"og:description\" content=\"Troubled Chinese property giant Evergrande says one of its subsidiaries has been fined 7.3 billion yuan (\u00a3888.7 million; $1.08 billion) for defaulting on its debt obligations. 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