statement, “legal proceedings”, crashed in Hong Kong on Monday

Heavily indebted developer China Evergrande said on Thursday that it resolved a dispute with a bank creditor that led to 132 million yuan (US$20 million) in its assets being frozen this month.

The Shenzhen-based company said it maintained a “cooperative relationship” with China Guangfa Bank and had resolved its dispute with the bank following additional communication.

“The two parties will continue to consolidate and deepen their business relationship in the future,” Evergrande said in a statement on its website.

Evergrande, the world’s most indebted developer, said on Monday that it was considering “legal proceedings” against Guangfa Bank after the lender obtained a court order in eastern China earlier this month freezing some of its assets.

The developer’s shares crashed in Hong Kong on Monday, falling 16 per cent and wiping US$2.7 billion off its market capitalisation after the dispute became public and increased concerns about its financial health.

Several banks in Hong Kong, including HSBC, Bank of East Asia and Industrial and Commercial Bank of China (Asia), stopped offering mortgage loans for unfinished flats on its two projects in the city this week as a result, according to people familiar with the matter.

More to come …


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