March 31, 2022 | Editor: Martin Wennerström
Evergrande discloses USD 2.1 billion cash seizure
China Evergrande Group has established an independent committee to investigate a USD 2 billion hole in the accounts of its primary operating subsidiary, Evergrande Property Services. While preparing its FY2021 accounts, the subsidiary discovered that a group of undisclosed banks had seized RMB 13.4 billion (USD 2.1 billion) of its deposits, approximately equivalent to its cash holdings as of June 2021, as security for third-party pledge guarantees. The announcement prompted a suspension of trading in the China Evergrande share on the Hong Kong Stock Exchange. Additionally, the parent company has announced it would delay the publication of the financial results for the year, as it will not be able to complete the audit work on time. Evergrande, once China’s second-largest property developer, has liabilities of over USD 300 billion and saw its market cap drop by 88% over the course of 2021.
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