The Evergrande chairman was summoned by the authorities after the loan warning

Evergrande chairman Hui Ka Yan was summoned by Chinese government officials on Friday after the homeowner warned he could not meet his demands and wanted to restructure his maritime debt.

Official verdict in Guangdong, the southernmost province Evergrande its headquarters, requesting a meeting came a few hours later the home team also revealed that they had received a receipt for a $ 260m guarantee, with no further details.

In a number of cases, the Guangdong sub-government agreed to set up a senior management team at a company with debt that worsened the financial crisis. Beijing has eased sanctions on the largest economic scale in the country.

The provincial government did not provide much information on what the group could do.

In a letter to the Hong Kong stock exchange on Friday, Evergrande said “there is no guarantee that the group will have enough money to continue doing what it needs to do”.

As soon as he finished writing, the People’s Bank of China stepped up its criticism of the company, accusing it of “bad management” and pursuing “blind development”.

The central bank stressed that the Evergrande crisis would not affect market stability. The China Securities Regulatory Commission, which oversees the country’s stock market, also told reporters that risks from the manufacturer could be controlled.

However, the ever-increasing debt of Evergrande – the group with more than $ 300bn in debt – has already created a financial crisis that has wiped out rivals like Kaisa. Evergrande’s major role in China’s financial sector has also left investors around the world in pursuit of what will happen next.

Craig Botham, China’s chief financial officer at Pantheon Macroeconomics, said: “PBoC is trying to reduce market volatility, and the failure of Evergrande is driven by its management, rather than any risk. But assurances that this will not affect the financial sector.”

Although Evergrande has missed out on a number of interest payments on the coastal bonds, it has not changed because it met its requirements 30 days before grace.

In a statement to Hong Kong, the company said it was “planning to engage with foreign debtors to develop a well-planned credit union for maritime companies”.

Advisers to those with Evergrande international organizations have already complained that no “Good fellowship” from the company.

In a statement, the central bank described the foreign bond holders as “strict” and said there were “rules and procedures for dealing with difficulties”.

Botham also said that repaying loans to those with dollars was “impossible”. “Instead, the task will simply be directed to coworkers; buyers, local banks and affiliated companies, “he said.

Additional reports of Emma Zhou in Beijing, Sun Yu in Shanghai and Tom Mitchell in Singapore