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China Evergrande’s Hengda embroiled in yet more lawsuits; debts mount
By Marisa Wong
Los Angeles, Sept. 28 – China Evergrande Group issued an update on Thursday relating to subsidiary Hengda Real Estate Group Co., Ltd.’s involvement in material litigation and failure to repay debts due.
As of the end of August, Hengda had a total of 1,946 pending litigation cases that involved more than RMB 30 million each, with the total amount involved coming to roughly RMB 449.298 billion.
Also as of the end of August, the subsidiary’s unpaid debts amounted to RMB 278.532 billion. In addition, as of the end of August, overdue commercial bills totaled about RMB 206.777 billion.
During August, there were 163 new enforcement cases against Hengda involving a total amount of about RMB 9.128 billion.
During that same month, there were 68 new cases in which the equity interest in subsidiaries and investee companies held by Hengda, as the party subject to enforcement, were frozen.
China Evergrande also disclosed on Thursday that as of the end of August, Hengda had completed the disposal of a total of 73 real estate projects through equity transfer, transfer of land and construction in progress, trust, nominee holding, etc.
In an August update, China Evergrande noted that as of the end of July, Hengda had a total of 1,931 pending litigation cases which involved more than RMB 30 million each, with the total amount involved of about RMB 437.743 billion.
Also as of the end of July, Hengda’s unpaid debts due amounted to RMB 277.501 billion.
Earlier in the week, China Evergrande said that Hengda may not issue notes while it is being investigated. The notice related to a proposal for restructuring previously released.
China Evergrande is based in Shenzhen, China. The company filed Chapter 15 bankruptcy on Aug. 17 in the U.S. Bankruptcy Court for the Southern District of New York. The case number is 23-11332.
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