One of the business units of China Evergrande, will need to pay 7.3 billion yuan
The Evergrande Group (Nanchang) Co has been asked to pay a guarantor of its liabilities.
The guarantor remains unnamed but provided a guarantee for the borrowings of certain entities controlled by the Chinese property giant.
the company had recently made plans to restructure its foreign debts, which is raising concerns among some commentators.
The embattled property developer is already failing to meet its debt obligations.
“As the borrowers failed to repay the loans, the applicant carried out its obligations under the guarantee and claimed against the subsidiary under the pledge.”
CHINA EVERGRANDE GROUP
It is understood the Nanchang unit provided counter-guarantees, which it held in Shengjing Bank.
Evergrande is selling its Hong Kong headquarters through a tender process, according to Reuters.
The China Evergrande Group is the second largest property developer China.
