China Evergrande says debt level to drop close to year-end target by end-June

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China's most indebted property developer Evergrande Group said its debt will drop to below 600 billion yuan (US$93.73 billion) by the end of this ...

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China's most indebted property developer Evergrande Group said its debt will drop to below 600 billion yuan by the end of this month, coming close to its year-end target of 560 billion yuan.

China Evergrande has been scrambling for cash as Beijing tackles what it considers excessive borrowing in the real estate development sector with planned new debt-ratio caps dubbed the"three red lines".The company, with interest-bearing indebtedness standing at 716.5 billion yuan at the end of 2020, has vowed to reduce its debt by 20per cent, or 150 billion yuan, this year.

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