Evergrande's crisis continues: $2 billion seized, earnings delayed
CNN
Banks have seized $2 billion in cash from Evergrande, the ailing Chinese real estate developer said Tuesday as it announced a delay to the publication of its annual earnings.
Evergrande said that it won't be able to meet the March 31 deadline for publishing audited results for 2021, a year which saw it default on its debts as prices and activity in China's vast real estate sector slumped.
One of its units — Evergrande Property Services — said some of its lenders had unexpectedly claimed around 13.4 billion yuan ($2.1 billion) of its bank deposits that were pledged as collateral for "third party guarantees."
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What is Corporate America so afraid of?
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