Unit of Chinese property giant Evergrande ordered to pay $1.1 billion

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Evergrande has been involved in restructuring negotiations after racking up $300 billion in liabilities in the wake of Beijing's crackdown on excessive debt and rampant speculation in the real estate sector - Copyright AFP Noel Celis A unit of embattled Chinese developer Evergrande has failed to repay its loans and must pay a guarantor $1.1 billion, the company said in a Hong Kong stock exchange filing. Evergrande has been involved in restructuring negotiations after racking up $300 billion in liabilities in the wake of Beijing’s crackdown on excessive debt and rampant speculation in the real estate sector. The announcement comes...