IT’S A FREE-FOR-ALL – Chinese Cities Are Taking Possession of Evergrande Properties After Giant Debtor Fails to Pay Its Debt
The Evergrande crisis in China has reached new heights. The company was unable to meet obligations so Chinese cities are taking over the company’s possessions this week. It’s a free-for-all.
US News and World Report shared hours ago:
The city of Chengdu has taken back two plots of land from China Evergrande Group the latest move by authorities to seize assets from the cash-strapped property developer.
The land planning authority in the southwestern city said it was taking control of the plots, totalling over 300,000 square meters, as Evergrande had not developed them after holding them for over a decade.
The notices on the two plots, posted by the authority on Dec. 17, followed the same move by the Haikou city authority early last week,
