Evergrande Group Photo: CFP
China Evergrande Group has been subjected to several law enforcement actions by a local court in Guangzhou, South China's Guangdong Province, with one of the newest law enforcement cases worth 1.69 billion yuan ($249 million), according to online business information provider Tianyancha.
Up to now, the total amount of the law enforcement actions issued to the debt-ridden property giant have exceeded 13 billion yuan, according to media reports.
On March 22, the company disclosed that a 13.4-billion-yuan deposit of Evergrande Property Services, one of the company's leading subsidiaries, was taken control by creditor banks in 2021. The trading of the company's share in Hong Kong was suspended on March 21.
Saddled with over $300 billion in liabilities, Evergrande has faced tight liquidity and constant new repayment difficulties.
The property giant has been ramping up efforts to promote homes constructure and sales so as to ease the risk of defaulting. In April, Evergrande reported a sales revenue of 3.09 billion yuan, which was described by its founder Xu Jiayin as a successful sales push。
The company is impossible to pay off owed debts without promoting home sales, Xu said. The company plans to deliver 100,000 apartments to buyers in May.
Global Times
