International Business: China Evergrande gets $260 mln demand, warns of non-payment – Gulf Digital News

International Business: China Evergrande gets $260 mln demand, warns of non-payment – Gulf Digital News

Indebted real estate developer China Evergrande has got a demand under a $260 million guarantee obligation, the company said on Friday, adding it may be unable to repay due to a liquidity crisis that has gripped China's property sector.

Repayment dates under certain other agreements may be pulled forward if it was unable to meet the obligation, the company warned in a filing to the Hong Kong stock exchange.

Evergrande, once China's top-selling developer, has already failed to pay coupons totalling $82.5 million due on Nov. 6 as it stumbles from debt deadline to deadline and grapples with more than $300 billion in liabilities.
Its statement on Friday prompted the government of southern China's Guangdong province, where the company is based, to summon Evergrande chairman Hui Ka Yan.