The company only recently resumed investing after a 17-month hiatus brought on by its failing to release its financial benefits.
At the end of June, Evergrande estimated it had bills of$ 328 billion USD.
Due to the investigation into its company, Hengda Real Estate Group, and the postponement of important meetings for debt reform, the company claimed last month that it was unable to issue new loan.
According to the company, it was” needed to evaluate the words” of the plan in order to accommodate the” goal position and the creditors’ need.”
Previous executives were detained, according to Chinese economic site Caixin, whose house arm missed a crucial bond payment next week.
The second-largest economy in the world has begun to slow down more severely as a result of the issue.
Along with construction, the property market has long been a mainstay of growth and has recently seen an incredible growth. In recent years, it has also accounted for about 25 % of GDP.
Beijing, however, has recently viewed China’s monetary system and overall financial health as being at unacceptable risk due to the enormous debt accumulated by its largest players.
In recent months, legislators have been under a lot of pressure to release policies to support the economy, especially the real estate industry.