China Evergrande Group to settle $511 mn trust loan with state help

23 Mar 2022 CW Team

China Evergrande Group aims to return land set aside for collateral for a $510.73 million trust loan from CITIC Trust Co to the Guangzhou government.

The agreement centres around a $510.73 million trust loan that CITIC Trust issued to Evergrande using funds raised from investors. Under the loan resolution, CITIC will return the land utilised as collateral to Evergrande, the world's most indebted property developer, who will then give it to the Guangzhou city government to put up for sale.

State-owned Guangzhou City Construction Investment group will work as a guarantor of the loan, and CITIC will repay the principal amount to its investors within two years utilising funds from the Guangzhou city government.

The plan is still pending clearance from the investors of the trust loan. If successfully executed, this model of local government and creditors working together to settle Evergrande's debt repayment issue could be replicated for other trust loans, and more state-owned city investment companies may become engaged in the company's debt restructuring process. Trust firms, which pool money from wealthy investors, are a significant source of funding for Evergrande and other property developers in China. A wave of defaults in the property sector has discouraged investors and while state intervention has quelled market concern over an uncontrolled collapse of China Evergrande, investors are still in the dark over whether they will recoup their money.

Evergrande, with more than $300 billion in liabilities, defaulted on some overseas bond payments in December and has struggled to repay suppliers and creditors and achieve projects and houses.

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Also read: China braces for Evergrande Group downfall: Wall Street Journal report

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