China

The company said earlier this month that its debt would drop to less than $ 600 million by the end of June, with one of three tax debt orders by the end of the year.

HONG KONG: China Ever Grande Group said Tuesday that the average debt-to-equity ratio has dropped to 570 billion yuan ($ 88.23 billion), from 716.5 billion Yuan by the end of 2020.

The company said earlier this month that its debt would drop to less than $ 600 million by the end of June, with one of three tax debt orders by the end of the year.

The Chinese credit company last year promised to reduce its debt to 150 billion Yuan a year over three years, and try to reach all three levels by the end of 2022.

Ever Grande represents money as Beijing investors think it has the biggest debt to upgrade housing and has a new credit scheme known as the “three red lines”.

Last week, China Ever Grande said it set aside $ 1.75 billion to pay off the outstanding $ 1.5 billion debt on Monday, without paying off the debt.

Investors were worried about the promotion when it confirmed earlier this month that one of their businesses on paper wasn’t paying them on time, but it was a tax situation.

The file was released on Tuesday, Skshu Paint Co. Ever Grande’s customer did not pay the 49 million Yuan business that began operations in the first quarter of May 31, due to the importance of individual issues.

Responding to Reuters ’current payment, Ever Grande said all business loans to Skshu Paint have been repaid.

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