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Banks seize $2bn from Evergrande unit as results delayed
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Banks have unexpectedly taken control of more than $2bn 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.
Evergrande...
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