Energy News
TRADE WARS
China property giant Evergrande seeks to recover $6 bn
China property giant Evergrande seeks to recover $6 bn
by AFP Staff Writers
Beijing (AFP) Aug 5, 2024

China's heavily indebted real estate giant Evergrande said Monday that it and its liquidators were seeking to recover about $6 billion in dividends and remuneration from seven people or entities, including its founder.

Evergrande was once China's biggest real estate firm, a powerhouse in a sector that helped propel the country's rapid economic growth during recent decades.

But its spiralling debt became emblematic of a prolonged crisis in the real estate sector, and, struggling to repay creditors for years, it defaulted in 2021.

Evergrande is seeking to recover "among other things, dividends and remuneration in an aggregate amount of approximately US$6 billion paid by the Company", the firm said in a statement published on the Hong Kong Stock Exchange, where it is listed.

The amount is claimed for the damage caused by alleged misrepresentations of the group's financial position between 2017 and 2020, it said.

In addition to company founder Xu Jiayin, also known as Hui Ka Yan, "his spouse or former spouse" Ding Yumei, former chief executive Xia Haijun and former chief financial officer Pan Darong, as well as three other entities associated with Xu and Ding, were named as defendants, according to the statement.

Xu is said to be under house arrest, according to press reports dating from last year, but Evergrande has never confirmed or denied the reports.

Chinese regulators said in March that they would ban him from the securities market for life on grounds of financial fraud.

The liquidators obtained injunctions restraining Xu, Ding and Xia "from dealing with, disposing of, or diminishing the value of, their worldwide assets up to various prescribed limits", according to the statement issued on Monday.

Trading in Evergrande's shares has been suspended since January and "will remain suspended until further notice", it added.

A Hong Kong court that month ordered the liquidation of the firm.

The legal proceedings "are ongoing and there is no certainty as to whether or not they will be successful and as to the amount that may ultimately be recovered", the company statement said.

ehl/ktr-sco/bfm

China Evergrande Group

Related Links
Global Trade News

Subscribe Free To Our Daily Newsletters
Tweet

RELATED CONTENT
The following news reports may link to other Space Media Network websites.
TRADE WARS
Equities mixed after Fed rate cut hope, strong yen hits Tokyo
Hong Kong (AFP) Aug 1, 2024
Stocks were mixed Thursday after the Federal Reserve flagged a possible interest rate cut next month, but Tokyo's Nikkei tumbled on a stronger yen following a hike by the Bank of Japan. US central bank boss Jerome Powell said decision-makers were increasingly confident inflation and the economy were at a point where they could start loosening monetary policy. He said after a highly anticipated two-day meeting, where borrowing costs were kept at 23-year highs as expected, that the first reduction ... read more

TRADE WARS
China plans to adopt volume-based emissions reduction targets

Air New Zealand scraps 2030 emissions targets

Bosch to buy US firm's air conditioning business

UK climate strategy under scrutiny at landmark court case

TRADE WARS
Rice develops efficient lithium recovery method from battery waste

New Understanding of Neutron Damage in Thyristors Boosts Fusion Reactor Safety

New Study Highlights Ancient Technology's Role in Future Clean Energy

Star Catcher Secures $12.25M Seed Funding to Revolutionize Space Energy

TRADE WARS
Engineers Develop Cost-Effective Seafloor Testing Device for Offshore Wind Farms

Why US offshore wind power is struggling - the good, the bad and the opportunity

TRADE WARS
Scientists Urge Policy Changes to Enhance Biodiversity on UK Solar Farms

Hong Kong Researchers Enhance Solar Cell Efficiency and Durability

Innovative Coating Boosts Efficiency and Lowers Costs of Solar Cells

Solar Cell Efficiency Enhanced with Innovative Perovskite Technology

TRADE WARS
Singapore, US sign civil nuclear cooperation pact

Sweden and US sign cooperation pact on nuclear energy

Australia bans uranium mining at Indigenous site

Russia and Kyrgyzstan sign radioactive decontamination deal

TRADE WARS
A recipe for zero-emissions fuel: Soda cans, seawater, and caffeine

Activists take aim at bank financing Serbia biomass projects

Chemists Develop Efficient Method to Convert CO2 into Sustainable Fuel

Chemists design novel method for generating sustainable fuel

TRADE WARS
Chevron to move HQ from California to oil-loving Texas

BP to develop new oil and gas fields in Iraq

Oil giant Shell says net profit dips in first half

Researchers Develop Efficient Method for Green Hydrogen Production

TRADE WARS
Worst yet to come in once-in-a-century southern Africa drought, UN says

UK climate activists guilty of throwing soup over Van Gogh's 'Sunflowers'

UK climate strategy under scrutiny at landmark court case

Jail terms for UK climate activists stoke protest rights fears

Subscribe Free To Our Daily Newsletters




The content herein, unless otherwise known to be public domain, are Copyright 1995-2024 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. General Data Protection Regulation (GDPR) Statement Our advertisers use various cookies and the like to deliver the best ad banner available at one time. All network advertising suppliers have GDPR policies (Legitimate Interest) that conform with EU regulations for data collection. By using our websites you consent to cookie based advertising. If you do not agree with this then you must stop using the websites from May 25, 2018. Privacy Statement. Additional information can be found here at About Us.