(Yicai Global) Aug. 12 -- Shares in China Evergrande Group plunged as much as 10 percent today after two commercial housing projects in southwestern Yunnan province belonging to the heavily indebted Chinese property developer were terminated due to overdue fees, China National Radio reported today.

Evergrande’s stock price [HKG:3333] closed down 8.21 percent to HKD5.81 (USD0.75). Earlier in the day it had fallen to HKD5.67. The stock has lost over 70 percent of its value so far this year.

The beleaguered developer owes over CNY210 million (USD32.4 million), said Chongqing Construction Engineering Group, the contractor to one of its projects in the city of Anning. Evergrande has not made any payments for a long time and it has not converted large amounts of commercial acceptance bills, which are a form of deferred payment, into cash, it added.

Photos of Evergrande’s overdue commercial papers, involving projects from Ningbo in eastern Zhejiang province to Nanyang in central Henan province, have been circulating online since June. Evergrande is aware of the situation and will settle the bills to some projects soon, the Guangzhou-based firm said earlier.

The company is being sued left right and center as it struggles to meet its debts. The advertising arm of Leo Group filed a lawsuit earlier this month for failing to pay advertising fees on time. A unit of Huaibei Mining Holdings said in July that it was taking an Evergrande unit to court over CNY396 million (USD61 million) in late fees. And Evergrande Real Estate’s 20 percent stake in Langfang Development, worth CNY349 million, was frozen in July due to a dispute.

Evergrande is now negotiating with potential investors to sell two of its biggest subsidiaries, China Evergrande New Energy Vehicle Group and Evergrande Property Services Group, to drum up much needed cash.

Editor: Kim Taylor