Evergrande: No significant progress in asset sale

Friday, 22. October 2021 12:30

The Evergrande Real Estate Group's main unit, Hengda Real Estate Group Co., stated on Friday it has not made significant progress in disposing of its assets.

Hengda asserted Evergrande is not certain about being able to continue to fulfill its contractual financial obligations. If it fails to do so, the company will suffer consequences on its finances, prospects, and business overall, the unit added.

Evergrande recently managed to sell 19.93% of its stakes, which equals 9.99 billion yuan or $1.5 billion), to Shenyang Shengjing Finance Investment Group. China's major property developer previously reportedly missed the deadline to pay $83.5 million in coupon payments on dollar bonds to global investors.

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Author:
Baha Breaking the News (BBN) / JR