China Evergrande said on Friday it had received a $ 260 million bail requirement, but said it could not repay it due to the liquidity crisis affecting the Chinese real estate industry.
The Chinese giant also warned that other repayments of its obligations under other agreements may be postponed.
Evergrande, once one of China’s leading real estate developers, has already defaulted on $ 82.5 billion worth of voucher payments that expired on November 6, as it struggles to meet one payment deadline after another debts of more than $ 300 billion.
The company added that it plans to work actively with its creditors in order to jointly come up with a plan to service its external debt.
Evergrande said it could not guarantee that it would have sufficient funds to continue to meet its financial obligations.
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Source From: Capital
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