China Evergrande says ending reorganisation plan with Shenzhen Real Estate
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[HONG KONG] Debt-laden China Evergrande Group said it has decided to terminate a reorganisation plan with Shenzhen Special Economic Zone Real Estate & Properties Group.
The Hong Kong-listed firm made the announcement in a filing to the Hong Kong bourse on Sunday.
Market concern has mounted in recent weeks that Evergrande - whose borrowings totalled 835.5 billion yuan (S$167 billion) at end-June - was headed for a cash crush if it could not get government approval for a backdoor listing in Shenzhen that has languished for four years.
REUTERS
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