(Yicai Global) Aug. 20 -- China Evergrande Group will do everything it can to resolve its debt crisis, maintain steady operations and ensure stability in the country’s realty market and financial sector, the heavily indebted Chinese real estate giant said after it was summoned for talks with the country’s authorities as it struggles to meet regulatory borrowing limits.

The group will do everything it can to ensure the construction of projects and the delivery of properties to the required standards, the Guangzhou-based developer said today. It will be open and transparent about important matters in accordance with the law and will clear up any false rumors instantly.

The People’s Bank of China and the China Banking and Insurance Regulatory Commission have had talks with Evergrande’s executives to ask them to do their best to maintain the healthy and steady development of the country’s real estate market in line with the government’s strategic plan, the authorities said yesterday.

The real estate titan also today denied a Reuters’ report saying that the group planned to sell its electric vehicle unit to Chinese smartphone maker Xiaomi, adding it has been in contact with Xiaomi but the pair are not in in-depth talks.

Evergrande has been grappling with mounting debts brought on by overaggressive expansion and is under great pressure by regulators to reduce its debt burden as they rein in excessive borrowing in the real estate sector. Struggling to pay its dues, the group is currently embroiled in a number of lawsuits.

Evergrande’s share price [HKG:3333] closed down 1.6 percent today at HKD4.92 (USD0.63). The stock has lost over 70 percent of its value so far this year.

Editor: Kim Taylor