Trading in Evergrande’s shares was suspended in March last year after it failed to get back on its feet.
Once China’s top selling developer, Evergrande has become the poster child for an unprecedented debt crisis in the country’s property sector, which accounts for roughly a quarter of the economy, after facing a liquidity crunch in mid-2021. The company’s external auditor, Prism Hong Kong and Shanghai Ltd, reviewed the independent investigation report and concluded that there are no significant off-balance sheet transactions, assets and liabilities, or pledged deposits other than those disclosed by the company, Evergrande said in a filing.
Recently, the developer sought protection under Chapter 15 of the US bankruptcy code, which shields non-US companies undergoing restructurings from creditors who hope to sue them or tie up their assets in the US.