China Evergrande ordered to repay its property unit $1.8 bln worth deposit pledges (updated)

China Evergrande New Energy Vehicle

10/01/2025 12:51

(Updates with more details throughout)
       Jan 10 (Reuters) - China's Evergrande Property Services
Group  6666.HK  said on Friday a Guangzhou city court has
ordered its parent China Evergrande  3333.HK  to repay pledge
guarantees on deposit certificates totalling 13.4 billion yuan
($1.83 billion).
    Evergrande Property began legal proceedings against its
indebted parent early last year for using its deposits as
collateral for pledge guarantees.
    China Evergrande, the world's most heavily indebted property
developer with over $300 billion in liabilities, was ordered
into liquidation by a Hong Kong court in January last year
following its offshore debt default in late 2021.
    Evergrande Property said in an exchange filing the judgement
was subject to appeal, and the recovery of the amount was
uncertain.   
    

($1 = 7.3316 Chinese yuan renminbi)

 (Reporting by Sameer Manekar in Bengaluru; Editing by Krishna
Chandra Eluri)
 ((Sameer.Manekar@thomsonreuters.com; Twitter: https://twitter.com/sameer_manekar;))