Photo: VCG

China Evergrande Group, the country's debt-laden property developer, said on Tuesday that there are 240 billion yuan ($37.15 billion) debts due within one year and some projects have been suspended for lack of payment.

The company said in its H1 fiscal report that, as of the end of June, its debts amounted to 571.8 billion yuan of which the debt to be repaid within one year was 240 billion yuan, accounting for 42 percent of the total borrowings.

It said that some of the payables related to real estate development were overdue resulting in the suspension of some of the company's projects. 

The company said it is negotiating with suppliers and construction contractors to resume work, and it will do its best to continue operations and strive to deliver the property on time.

From the financial data disclosed by the company, it can be seen it is facing greater debt pressure. As of the end of June, its total interest-bearing liabilities were 571.77 billion yuan, including 331.72 billion yuan in long-term loans and 240.49 billion yuan in short-term loans. 

In addition, the company has 666.9 billion yuan in trade accounts payable. However, it only has an unrestricted cash balance of 86.77 billion yuan and a restricted cash balance of 74.85 billion yuan, which show that it is still facing considerable debt repayment pressure.

Evergrande said it is in talks to sell certain assets, including stakes in Hong Kong-listed  Evergrande New Energy Vehicle and Evergrande Property Services.

Reuters reported the company was seeking buyers for the bulk of its urban renewal projects in the southern high-tech city of Shenzhen.

S&P Global earlier this month downgraded the ratings and its subsidiaries citing an escalating risk of non-payment of debt, its second downgrade in less than two weeks.