was a big red flag. Hopson said it wanted to deposit the proceeds from the sale with Evergrande Property Services itself—as it would be easier to recover any monies owed by the parent to its subsidiary that way. But Evergrande asked Hopson to send the payment directly to it: a request the buyer turned down. That appeared to be indicative of potential problems arising from related-party transactions or obligations that would weigh on the asset’s real value even after the sale.
The world’s most indebted real-estate firm Evergrande has embarked on a social media campaign to show construction has resumed and says it’s doing whatever it takes to deliver homes. WSJ compares these posts with ones from upset buyers. Photo Composite: Emily Siufor example, surprised the market last year by saying that it had guaranteed some wealth-management products. More similar incidents may come to light as auditors have now been clued in to the problem.
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