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China Evergrande mulls asset transfer to property unit for debt payment

·1 min read
Partially removed company logo of China Evergrande Group in Shenzhen

(Reuters) -China Evergrande Group said on Wednesday it was considering transferring some assets to its property unit to settle some of the unit's debt payments.

In July, the company revealed that loans secured by Evergrande Property Services had been diverted to the parent group, which led to Evergrande Group's chief executive and finance head stepping down.

Deposits worth 13.4 billion yuan ($1.90 billion) held by the property unit had been used as collateral for pledge guarantees and seized by banks.

Evergrande Group, which has about $300 billion in debt, said in a filing it was in talks with the unit to muster funds to repay the loans.

Evergrande Group added that it had sold 18.16 billion yuan worth of properties from January to August, and it has 706 pre-sold but undelivered construction projects.

($1 = 7.0480 Chinese yuan renminbi)

(Reporting by Harshita Swaminathan; Editing by Anil D'Silva and Shounak Dasgupta)