Chinese group Evergrande said on Wednesday (21) that it is considering transferring some assets to its real estate unit to pay off some of the company’s debt payments.
In July, Evergrande revealed that loans guaranteed by Evergrande Property Services had been diverted to the parent group, prompting the resignation of Evergrande’s chief executive and chief financial officer.
Deposits worth 13.4 billion yuan ($1.90 billion) held by the real estate unit were used as collateral for liens and seized by banks.
The Evergrande group, which has about $300 billion in debt, said it was in talks with the unit to raise funds to pay off the debts.
It also added that it sold 18.16 billion yuan of properties in the January-August period and has 706 real estate projects pre-sold but not yet delivered.
Source: CNN Brasil
Joe Jameson, a technology journalist with over 2 years of experience, writes for top online news websites. Specializing in the field of technology, Joe provides insights into the latest advancements in the industry. Currently, he contributes to covering the world stock market.
