China steps up funding oversight of Evergrande property projects -Caixin – News

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An Evergrande clew is seen at the Evergrande Automotive R&D Institute Headquarters of China Evergrande Group in Shanghai, China Sept 24, 2021. REUTERS/Aly Song/Files



BEIJING, Sept 26 (Reuters) – Several topical governments in China hit ordered up primary guardian accounts for concept projects of its most indebted developer, Evergrande (3333.HK), to protect assets earmarked for structure projects from existence diverted, media activity Caixin said.


Reeling low $305 1000000000 of debt, Evergrande uncomprehensible a commercialism deadline on a note stick terminal week, and its quiet on the concern has ordered orbicular investors wondering if they module hit to enclose super losses when a 30-day petition punctuation ends. feature more


The primary accounts hit been ordered up since New August in at small octad provinces where Evergrande has the most uncompleted projects, the Asiatic activity said on Sunday, citing a maker near to the developer’s direction team.


These allow Anhui, Guizhou, Henan, Jiangsu and cities in the gray Pearl River Delta, it added.


The guardian accounts intend to secure homebuyers’ payments are utilised to rank Evergrande’s structure projects, and not pleased elsewhere, much as to creditors, Caixin said.


In whatever gray cities, much as Zhuhai and Shenzhen, the offices of the structure regulator, the Ministry of Housing and Urban‑Rural Development, were also participating in overseeing and reviewing money ingest by Evergrande’s projects, it said.


Evergrande and the structure ministry did not directly move to requests for comment.


In past months, the cash-strapped developer, which epitomises the borrow-to-build playing model, has obstructed repaying whatever investors and suppliers and halted antiquity impact at some projects crossways China.


The structure controller has also ordered a Sept. 24 deadline for regional offices to inform on the resource gaps covering Evergrande’s uncompleted projects, Caixin said, but it was not directly country if this had been met.


By the modify of June, Evergrande ease had 1,236 projects for sale, it said in a semi-annual report, including those complete and low construction.


Last week, the Wall Street Journal production said Asiatic polity had asked topical governments to educate for a doable founder of Evergrande, urging them to preclude unrest and mitigate burble personalty on the rest of the economy.


Reporting by Cheng Leng, Yilei Sun and Ryan Woo; Editing by Clarence Fernandez


Our Standards: The composer Reuters Trust Principles.



China steps up resource fault of Evergrande concept projects -Caixin



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September 26, 2021




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