BEIJING (Reuters) – Heavily indebted property developer China Evergrande Group has yet to pay the equivalent of $28 million for land it acquired in the northeastern city of Changchun, municipal authorities said.
Evergrande bought the land through local developer Changchun Jitao Real Estate Development Co for 601 million yuan ($93 million) in an auction on June 17, part of a series of coordinated sales by 22 of China’s biggest cities.
($1 = 6.4364 Chinese yuan renminbi)
(Reporting by Ryan Woo; editing by Jason Neely)
