China Evergrande says has solved legal disputes with Guangfa Bank

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SHANGHAI — China Evergrande, the country’s most indebted developer, said in a statement on Thursday it has solved legal disputes with China Guangfa Bank and that the two sides will deepen business cooperation.

A court in the eastern city of Wuxi this month ordered a freeze on a 132 million yuan ($20.4 million) deposit held by Evergrande and a unit at the request of Guangfa, a court filing on a Chinese corporate information app showed.

Evergrande said on Monday its loan was not due until March and that it planned to take legal action against the lender.

(Reporting by Samuel Shen and Andrew Galbraith; Editing by Tom Hogue)