China Evergrande Stocks Plunge after $20.4 Million Loans Frozen by Bank

7月20日

BEIJING, July 19 (TMTPOST)— China Evergrande’s Hong Kong-listed shares plunged 16.2% on Monday after reports revealed a court of the country’s eastern province Jiangsu had approved the request of China Guangfa Bank to freeze its assets worth of RMB132 million (US$20.4 million). The bank claimed its legal interests could have been irreparably damaged without immediate property preservation.  

Evergrande then said the RMB132 million that Guangfa lent to its subsidiary in Jiangsu was due on March 27, 2022 and it would sue the bank for the “abuse of legal procedure”.

Later that day, the municipal government of Shaoyang, China’s south central province Hunan, announced it decided to halt presales of two Evergrande’s two local housing projects till October, 13, citing these projects’ accounting deliberately evaded regulation.

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