China Courts Freeze $157 Million of Evergrande Assets Over Missed Construction Payments

China Courts Freeze $157 Million of Evergrande Assets Over Missed Construction Payments
A partially removed company logo of China Evergrande Group is seen on the facade of its headquarters in Shenzhen, Guangdong Province, China, on Jan. 10, 2022. David Kirton/Reuters
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HONG KONG—A Chinese court has ordered the freezing of 640.4 million yuan ($101 million) in assets held by a subsidiary of China Evergrande Group, according to a filing by contractor Shanghai Construction Group.

State-owned Shanghai Construction, which sued the Evergrande unit in the southwestern city of Chengdu in December for overdue construction fees, cited the Guangzhou Intermediate Court ruling that the assets to be frozen will include bank deposits and real estate.