Evergrande’s China unit gets notice for $4.48bn loan from Shengjing Bank | Techy Kings

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Nov 1 (Reuters) – Debt-laden property developer China Evergrande Group ( 3333.HK ) said on Tuesday its unit received an enforcement notice for irrecoverable funds from Shengjing Bank Co Ltd ( 2066.HK ).

The bank said it failed to recover funds amounting to 32.595 billion yuan ($4.48 billion), given to the unit from 2020 to 2021, according to Evergrande.

In early September, a state-owned company in the northern Chinese city of Shenyang bought Evergrande’s stake in Shengjing Bank in an auction for 7.3 billion yuan. read again

Evergrande’s 30.99% unit holding in Xinjiang Guanghui Industrial Investment Group, which had been pledged to the bank has now been enforced, the notice said.

Evergrande, which has about $300 billion in debt, said the pledged equity interests have not been auctioned or sold to third parties.

($1 = 7.2680 yuan Chinese renminbi)

Reporting by Roushni Nair in Bengaluru; Editing by Shounak Dasgupta

Our Standards: Thomson Reuters Trust Principles.

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