Chinese company Evergrande refused to guarantee payment of debts

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MUMBAI: Shares of China's Evergrande Group plunged more than 15 per cent to an 11-year low on Monday after the group's statement that it was not sure it would have enough funds to pay off its debts.

Following Evergrande's statement, Chinese authorities sent a letter to its chairman. The 90-day grace period ended today, November 9, when the નના 25 million coupon payment was due.

China's one-time real estate giant is currently surrounded by more than 500 billion in liabilities. The failure of Evergrande could send shockwaves through China's property sector.

Evergrande said in an exchange filing that it had received a notice from lenders to pay 30 million.

Following Evergrande's statement, China's central bank, the regulator of insurance and the regulator of securities assured the market that any risk to the property market would be contained. The process of raising funds in the medium to long term will not be disrupted by a single Chinese company, the People's Bank of China clarified.

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