Assets of China Evergrande Group subsidiary frozen by local court

Politics Economy Society

Assets of a subsidiary of debt-laden property developer China Evergrande Group have been frozen by a local Chinese court due to missed payments for construction work, according to Shanghai Construction Group. The court in Guangzhou has ordered the assets of the subsidiary, worth 640.4 million yuan ($101 million), to be frozen in a suit filed by a unit of the contractor in Shanghai. The move comes amid lingering concern that Evergrande, whose liabilities have briefly swollen to around 2 trillion yuan, cannot completely avoid default risk, given that it must keep making massive interest payments...

Kyodo News

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