China's Guangdong to send working group to indebted Evergrande


Reuters | Updated: 03-12-2021 19:14 IST | Created: 03-12-2021 19:14 IST
China's Guangdong to send working group to indebted Evergrande

The government of southern China's Guangdong province said it will send a working group to China Evergrande, at the company's request, to oversee the indebted developer's risk management and urge a strengthening of internal controls.

The province's government added in a statement on Friday it had summoned Evergrande chairman Hui Ka Yan, after the company, which is based in the Guangdong city of Shenzhen, warned it may be unable to make a payment under a $260 million guarantee obligation.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

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