China Evergrande’s Hengda unit prohibited from issuing notes

Chicago, Sept. 25 – China Evergrande Group, in an update on the offshore debts restructuring, noted that subsidiary Hengda Real Estate Group Co., Ltd. may not issue notes while it is being investigated.

The notice relates to the proposal for restructuring previously released.

In an August update, Hengda was noted to be in material litigation and had failed to repay debts due.

As of the end of July, Hengda had a total of 1,931 pending litigation cases which involved more than RMB 30 million each, with the total amount involved of about RMB 437.743 billion.

Also as of the end of July, Hengda’s unpaid debts due amounted to RMB 277.501 billion.

China Evergrande is based in Shenzhen, China. The company filed Chapter 15 bankruptcy on Aug. 17 in the U.S. Bankruptcy Court for the Southern District of New York. The case number is 23-11332.

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