Evergrande Unit initiates legal action against China Evergrande

29 Nov 2023 CW Team

Evergrande Property Services Group announced that one of its units had initiated legal proceedings against Hengda Real Estate Group Company, as well as the beleaguered developer China Evergrande, and others.

Jinbi Property Management Company, the unit in question, has begun the legal proceedings to recover a deposit certificate pledge guarantee amounting to about 2 billion yuan. These proceedings are connected to the enforcement of Evergrande Property Services' deposit pledge, totalling around 13.4 billion yuan.

Legal actions have also been initiated by Jinbi Property against Shenzhen Qihang Metals Materials Company, Guizhou Guangjuyuan Real Estate Development, and Hengda Real Estate Group Guiyang Property.

In February, Evergrande's parent company had indicated that discussions were underway with Evergrande Property Services regarding the repayment of the funds. Subsequently, in July 2022, Evergrande's CEO and its finance head resigned following a preliminary investigation that revealed their involvement in diverting loans secured by Evergrande Property Services.

An inquiry by Evergrande was looking into the utilisation of deposits totaling 13.4 billion yuan, which belonged to Evergrande Property Services, as collateral for pledge guarantees that were eventually seized by banks.

Evergrande Property Services has been officially notified by the Guangzhou Intermediate People's Court of Guangdong Province regarding the formal acceptance of the case filing.

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