Embattled developer China Evergrande Group (3333.HK) said on Sunday that one of its subsidiaries, Evergrande Group (Nanchang) Ltd, has been ordered to pay 7.3 billion yuan ($1.08 billion) to a guarantor for failing to meet its debt obligations.
In July 2021, in a statement to the Hong Kong stock exchange, the company said an unnamed guarantor provided guarantees for borrowings from certain entities controlled by Evergrande, Nanchang provided counter-guarantee in the form of pledge of a total of 1.3 billion shares of Shengjing Bank Co., Ltd. (2066.HK).
“As the borrowers failed to repay the loans, the applicant carried out its obligations under the guarantee and claimed against the subsidiary under the pledge,” Evergrande stated. The ruling “is that the guarantor has the priority to receive compensation from the sale of the shares: and the “scope covers the amount paid by the applicant (7.3 billion yuan).”
On Thursday, a source with direct knowledge of the matter told the media that Evergrande had said it sold its Hong Kong headquarters through a tender process.
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