China Evergrande Group said on Monday evening that its overdue debt, unpaid bills, and payments involved in lawsuits have piled up to nearly RMB 900 billion ($127 billion), revealing the depth of the debt and legal woes the mainland Chinese developer faces amid its restructuring struggle, reports the South China Morning Post. The embattled developer said its overdue debts, excluding onshore and offshore bonds, amounted to around RMB 272.5 billion as of April, according to a Shenzhen Stock Exchange filing concerning its major litigation and failure to repay due debts. Its overdue commercial bills amounted to around RMB 246 billion.
On the legal front, Evergrande is also facing 1,426 unresolved lawsuits involving a total of RMB 349.6 billion as of April, according to the filing.
The developer was named a dishonest debtor in six cases in April by courts around the country for failing to “fulfil the obligations determined by effective legal documents despite its capability”. It was also ordered to pay out RMB 2.92 billion in 130 new enforcement notices.