HONG KONG—A Chinese court has ordered the freezing of 640.4 million yuan ($101 million) in assets held by a subsidiary of China Evergrande Group, according to a filing by contractor Shanghai Construction Group. State-owned Shanghai Construction, which sued the Evergrande unit in the southwestern city of Chengdu in December for overdue construction fees, cited the Guangzhou Intermediate Court ruling that the assets to be frozen will include bank deposits and real estate. Separately, Shanghai Construction Group said last week a local court in Guangzhou has frozen 361.5 million yuan of assets of a different Evergrande unit in the central province of Jiangsu for overdue payments. Many suppliers and contractors have launched legal actions against Evergrande, the world’s most indebted property developer with over $300 billion of liabilities, over missed or late payments. A growing number of construction and decoration companies are also writing off assets or issuing profit warnings as …
China Courts Freeze $157 Million of Evergrande Assets Over Missed Construction Payments
February 17, 2022
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