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
Hong Kong .
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 of its bank deposits that were pledged as collateral for"third party guarantees.
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