BEIJING (Reuters) -China Evergrande said on Sunday that in view of an investigation into Hengda Real Estate Group, its flagship onshore unit, it was unable ...
BEIJING -China Evergrande said on Sunday that in view of an investigation into Hengda Real Estate Group, its flagship onshore unit, it was unable to meet qualifications for the issuance of new notes under its debt restructuring plan.
The Evergrande unit was being probed by the Chinese securities regulator for suspected violation of information disclosure. As of end-July, Hengda Real Estate's unpaid debts due totalled about 277.5 billion yuan , and it had 1,931 pending litigation cases. "Holders of the company’s securities and potential investors of the company are advised to exercise caution when dealing in the securities of the company," Hui Ka Yan, chairman of China Evergrande Group, said in the Sunday filing to the Hong Kong Stock Exchange.
With more than $300 billion in total liabilities, including offshore debt, Evergrande has been at the centre of a property debt crisis, in which multiple Chinese developers have defaulted over the past year, forcing many to enter debt restructuring talks.
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