The seizure of the funds, which the property services unit discovered when it was preparing its annual report, underscores the turmoil at Evergrande and has baffled investors, who had seen Evergrande Property Services as one of the better-run divisions of the sprawling empire built by former steel executive Xu Jiayin.
Kaisa Group Holdings became the latest to say it would unable to publish audited earnings for 2021 by the end of March when it said late on Tuesday that a Covid lockdown in Shenzhen left audit work incomplete. Its stock price dropped 2.7% on Wednesday thanks to an announcement by vice premier Liu He that the government in Beijing would be urging the rollout of market-friendly policies to support the economy.Photograph: Aly Song/Reuters
“With the broad support and understanding from the majority of creditors … we strive to release the preliminary restructuring proposal by the end of July,” Chen Yong, a member of the committee, told investors on Tuesday.
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