China's 4th Biggest Builder Discloses Overdue Debt
- Greenland had overdue loans of 457.5 million yuan at June 30
- Firm needs to improve transparency, communication: StanChart
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Greenland Holdings Corp., China’s fourth-biggest developer by property sales, said it had overdue loans of 457.5 million yuan ($69.2 million) in some units in the northeast province of Liaoning at the end of June, underscoring concerns about the company’s debt problems.
Companies under Greenland’s unit in Liaoning had overdue short-term debt of 247.5 million yuan, as well as 210 million yuan in long-term obligations, according to Greenland’s interim report dated Aug. 25. The company told Bloomberg News last week its project in China’s northeast faced repayment problems due to the region’s weak real estate market.