September 8, 2017 / 2:26 AM / 10 months ago

Chinese developer Greenland's unit, banks reach deal on overdue loan

HONG KONG, Sept 8 (Reuters) - State-backed Greenland Holdings said on Friday its unit in the northeastern province of Liaoning had reached a solution with banks on its 457.5 million yuan ($70.6 million)overdue loan, without providing more details.

The Shanghai-based developer, the fifth-largest by sales in the nation, has disclosed the overdue loan amid its first-half results last month, drawing concerns from investors and regulators over the extent of property glut in some Chinese provinces amid a general boom in the country.

In a filing on Friday, Greenland said the unit, 10 percent indirectly owned by the local State-owned Assets Supervision and Administration Commission (SASAC), will solve the problem by year-end, according to the undisclosed solution.

The developer said the overdue loan was due to a “domestic market slump”, and of which 247.5 million yuan was short-term loan and 210 million yuan was long-term.

Greenland reported a 30.6 percent rise in net profit at 6.2 billion yuan in the first six months, while revenue rose 16.6 percent to 126 billion yuan. ($1 = 6.4791 Chinese yuan) (Reporting by Clare Jim; Editing by Gopakumar Warrier)

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