financetom
Business
financetom
/
Business
/
Evergrande onshore unit's administrator seeks details from creditors ahead of meeting
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Evergrande onshore unit's administrator seeks details from creditors ahead of meeting
Aug 16, 2024 3:27 AM

HONG KONG (Reuters) - The administrator of a major Evergrande onshore unit has asked creditors to provide details about the debt the embattled property developer owes to them ahead of the first creditor meeting to be held on Nov. 14, official filings showed.

The Guangzhou Intermediate People's Court ruled last week that Evergrande unit Guangzhou Kailong Real Estate enter into bankruptcy and liquidation proceedings and appointed a liquidation group as the company's administrator, according to a court filing.

The liquidation petition was filed by Vanward, a Shenzhen-listed electric appliance manufacturer, in relation to a dispute over an investment worth 200 million yuan ($27.90 million).

The petition comes after a Hong Kong court in January ordered China Evergrande Group ( EGRNF ), the offshore holding company, to be liquidated after failing to provide a satisfactory restructuring plan for $23 billion in offshore debt. A Hong Kong liquidation order, however, is not automatically recognised in mainland China.

Kailong's administrator said in a letter to creditors dated Thursday asking them to declare details of the debt Kailong owed to them by Nov. 7, according to filings listed on the official enterprise bankruptcy information platform.

In response to the proceedings, Hengda Real Estate, Evergrande's flagship property entity in mainland China and a unit under Kailong, last week said a bankruptcy of Kailong would not affect its normal operations, including its home completions and delivery to buyers.

Hengda and Evergrande's liquidators did not immediately respond to requests for comment.

($1 = 7.1672 Chinese yuan renminbi)

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
SJVN secures 200-MW wind power project at ₹3.24 per unit
SJVN secures 200-MW wind power project at ₹3.24 per unit
Nov 16, 2023
Projected to generate 482 million units in its inaugural year post-commissioning, the cumulative energy generation over a 25-year span is anticipated to reach 12,050 million units. Shares of SJVN Ltd ended at ₹75.17, down by ₹0.50, or 0.66%, on the BSE.
Tata Power Renewable Energy wins 200-MW project in collaboration with SJVN
Tata Power Renewable Energy wins 200-MW project in collaboration with SJVN
Nov 28, 2023
The firm and dispatchable renewable energy (FDRE) project, designed with a hybrid of solar, wind, and battery storage, is aimed at providing a stable and dispatchable energy supply during peak hours. Shares of Tata Power Company Ltd ended at ₹270.75, up by ₹12.60, or 4.88%, on the BSE.
This sustainable jewellery brand is luring some women away from gold
This sustainable jewellery brand is luring some women away from gold
Oct 30, 2023
Aulerth's offerings range from ₹5,000 to as high as ₹2.8 lakh. Are women willing to spend this much on jewellery made from scrap? Founder and CEO Vivek Ramabhadran definitely believes so. Aulerth produces couture-inspired pieces in association with designers like JJ Valaya, Suneet Varma, among others. It has reported 33% repeat customers in the past year and expects a spike to 40% soon.
Suzlon's S144–3 MW wind turbines get big boost from Indian government
Suzlon's S144–3 MW wind turbines get big boost from Indian government
Nov 15, 2023
Th Suzlon wind turbines received the RLMM (Revised List of Models & Manufacturers) listing from the Ministry of New and Renewable Energy, marking an important milestone for the successful commercialisation of the product. Shares of Suzlon Energy Ltd ended at ₹40.49, up by ₹1.85, or 4.79%, on the BSE.
Copyright 2023-2026 - www.financetom.com All Rights Reserved