Troubled property developer China Evergrande Group has failed to pay back over RMB 11 million ($16 million) in overdue debt to one of their paint suppliers after repaying part of the commercial paper with property, reports Caixin.
As of the end of August, the real estate conglomerate owed Shanghai-listed Skshu Paint a total of RMB 336 million in overdue short term debt, according to the exchange filing. Evergrande has repaid RMB 235 million of that debt, including RMB 220 million in real estate and RMB 15 million in cash.
The three properties Evergrande plans to transfer to the paint company are still under construction. Two buildings, located in Hubei province, should be completed in 2022 and 2024, while the third, in the southern metropolis of Shenzhen, is expected to be finished in 2023, according to the filing.