The company said in a separate filing that Chairman Zhang Lei and President Zhang Peng intend to provide about 800 million yuan ($124 million) in loans to support the company. Shares in Modern Land fell more than 2% in Hong Kong on Monday. The stock is down 45% this year.
News of the company's financial difficulties came on the same day China's second biggest developer Evergrande faced another debt repayment deadline, this time for about $148 million in interest payments on US dollar-denominated bonds, according to Refinitiv data. Evergrande did not immediately respond to a request from CNN Business for comment.