Greenland Holdings Corp., China’s fourth-biggest developer by property sales, said it had overdue loans of 457.5 million yuan ($69.2 million) in some units in the northeast province of Liaoning at the end of June, underscoring concerns about the company’s debt problems.

Companies under Greenland’s unit in Liaoning had an overdue short-term debt of 247.5 million yuan, as well as 210 million yuan in long-term obligations, according to Greenland’s interim report dated Aug. 25. The company told Bloomberg News last week its project in China’s northeast faced repayment problems due to the region’s weak real estate market.

“The impact of overdue loans on Greenland is a reputational risk,” said Zhi Wei Feng, Singapore-based head of China corporate credit research at Standard Chartered Plc. “The company needs to improve transparency and communication with investors.”

This isn’t the first time a Greenland unit has had problems repaying debt. Last year, Greenland affiliate Shanghai Yunfeng Group Co. was in default on 2 billion yuan of privately placed notes after the triggering of early repayment clauses, according to a Caixin magazine report.

Read more: China’s Second Most-Indebted Developer Cites Repayment Snag

Greenland’s $600 million 2024 bonds fell about 1 cent on the dollar to 101.4 cents in the past 10 trading sessions, according to Bloomberg-compiled prices. It’s 8 billion yuan onshore 2020 bonds dropped 2 yuan to 94.7 yuan over the same period. The company’s share price fell 0.9 percent Tuesday to 7.61 yuan as of 3:14 p.m. in Shanghai.

The banks involved in the overdue debt include Bank of Jinzhou Co., Bank of Yingkou Co., Shengjing Bank Co., and Hengfeng Bank Co. Greenland said the overdue loans in Liaoning will not trigger a cross-default clause on its dollar bonds and is currently dealing with those loans with the aim of resolving the issue by the end of 2017.

“The overdue loans reflect the fact that Greenland’s management of its units is a bit loose,” according to a CICC Research note on Aug. 25. “Investors should pay attention to whether the event will exacerbate the liquidity conditions within Greenland.”

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