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Evergrande to Miss Earnings Deadline, Says Lenders Have Seized $2 Billion in Cash

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Evergrande to Miss Earnings Deadline, Says Lenders Have Seized $2 Billion in Cash
The company logo is seen on the headquarters of China Evergrande Group in Shenzhen, Guangdong province, China, on Sept. 26, 2021. Aly Song/Reuters
Michael Washburn
Updated:
0:00
Embattled real estate giant China Evergrande Group, whose total debts are estimated to surpass $300 billion, has announced that it will not meet the March 31 deadline for publishing its audited 2021 financial results.

The news comes as one of its units also said on March 22 that unnamed creditors have seized $2 billion of the company’s bank deposits held as collateral on its loans.

Michael Washburn
Michael Washburn
Reporter
Michael Washburn is a New York-based reporter who covers U.S. and China-related topics for The Epoch Times. He has a background in legal and financial journalism, and also writes about arts and culture. Additionally, he is the host of the weekly podcast Reading the Globe. His books include “The Uprooted and Other Stories,” “When We're Grownups,” and “Stranger, Stranger.”
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