China Evergrande reports its debt rose to $340 billion in 2022. It plans meetings with creditors

BEIJING (AP) — China Evergrande, the property developer whose woes helped bring about a slump in the country’s vitally important real estate market, has reported its debts rose further to about $340 billion by the end of last year. In a notice to the Hong Kong Stock Exchange, Evergrande said it had losses totaling about $81 billion in 2021-2022 and that its revenues plunged by about half in 2021. Based in the southern Chinese city of Shenzhen, Evergrande is the biggest company to have been caught in a campaign by Chinese regulators to force developers to reduce soaring debts that are seen as a threat to economic stability.