Feb 16, 2023 08:09 PM

Developer Evergrande Vows to Fix Internal Controls in Wake of $2 Billion Deposit Debacle

What’s new: China Evergrande Group and its property services unit promised to fix their internal controls in response to an investigation into how banks ended up seizing 13.4 billion yuan ($2 billion) of the subsidiary’s deposits in late 2021.

The investigation found that several subsidiaries of Evergrande Property Services Group Ltd. had pledged the deposits as collateral for loans third-party firms took out from banks between March and August in 2021, the company said in a Wednesday filing to the Hong Kong Stock Exchange.

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