One of its units — Evergrande Property Services — said some of its lenders had unexpectedly claimed around 13.4 billion yuan of its bank deposits that were pledged as collateral for "third party guarantees."
It didn't specify who the lenders were, saying only that the banks had taken control of the cash. The property services unit said it would establish an independent committee to investigate. The real estate developer is one of China's largest and its most indebted with more than US$300 billion of total liabilities, including about $19 billion outstanding offshore bonds held by international asset managers and private banks on behalf of their clients.
Evergrande was declared by Fitch Ratings to be in default in December — a downgrade that the ratings agency said reflected the company's inability to pay interest due on two dollar-denominated bonds. In 2020, Beijing started cracking down on excessive borrowing by developers in a bid to rein in their high leverage and curb runaway housing prices. But the sector's problems escalated significantly last fall when Evergrande began warning the markets urgently of liquidity problems.now that the Chinese government is taking a leading role in guiding Evergrande through a restructuring of its debt and sprawling business operations.
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