Chinese developer says regulators’ conditions prevent new debt issue
Pressure grows on Evergrande to restructure estimated $328 billion debt amid property sector crisis
Chinese developer Evergrande is unable to meet regulators’ requirements to issue new debt, it announced on September 24.
Evergrande chairman Hui Ka Yan said the developer could not meet conditions set by the China Securities Regulatory Commission (CSRC) and the National Development Reform Commission (NDRC). This was due to an investigation into Evergrande’s principal subsidiary, Hengda Real Estate Group, Hui said in a filing to the Hong Kong stock exchange.
The developer said in August that it
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