FILE PHOTO: A logo of China Evergrande Group is displayed at a news conference on the property developer's annual results in Hong Kong, China March 28, 2017. REUTERS/Bobby Yiprose as much as 17.9% after the property developer reached a deal with some investors in its unit Hengda Real Estate to ease cash-crunch concerns.
China second-biggest property developer by sales reached a deal on Tuesday in which investors holding 86.3 billion yuan of Hengda agreed not to ask the debt-laden property developer to repurchase their holdings. The statement came days after the developer's vehicle manufacturing arm, China Evergrande New Energy Vehicle Group LtdThe developer is under pressure to slash debt as China’s government tackles what it considers excessive borrowing in the real estate development sector with new debt ratio caps.
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