Evergrande and two of its units said they couldn’t publish annual audited results by March 31, as required in Hong Kong
Banks have unexpectedly taken control of more than $2 billion held by one of China Evergrande Group’s key subsidiaries, as the embattled property developer said neither it nor its main listed units could meet an imminent deadline to publish their annual results.
The move by lenders adds fresh uncertainty to Evergrande’s restructuring. Global bondholders view its two big Hong Kong-listed subsidiaries, which focus on property management and car making, as important sources of potential value for international creditors.
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