Caixin
Mar 23, 2022 03:54 AM
BUSINESS

Evergrande Unit Discovers $2.1 Billion in Cash Was Seized by Banks

Evergrande faces more than $300 billion in liabilities and hundreds of unfinished projects.
Evergrande faces more than $300 billion in liabilities and hundreds of unfinished projects.

China Evergrande Group’s property services unit is investigating how banks seized 13.4 billion yuan ($2.1 billion) of its deposits that were pledged as security for third-party guarantees.

Evergrande Property Services Group Ltd. said it made the discovery while preparing its annual report. Trading in shares of the company, its parent and Evergrande’s electric car unit has been suspended in Hong Kong since Monday pending the release of inside information. The companies also warned of delays in the release of audited financial results.

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