EGRNF - China Evergrande says banks enforce rights on $2B pledged as security

China Evergrande (OTCPK:EGRNF) disclosed that banks have "enforced" deposits of ~RMB 13.4B (~$2.1B) as security for third party pledge guarantees at its Evergrande Property Services unit, according to a filing. The company has been struggling with its over $300B of liabilities since late last year and entered default in December after missing coupon payments on offshore bonds. The Chinese property developer also said it doesn't expect to file its 2021 results before the March 31 deadline required under Hong Kong Exchange listing rules. China Evergrande (OTCPK:EGRNF) (OTCPK:EGRNY) cites the "drastic changes in the operational environment" of the company along with effects from the COVID-19 outbreak for the delay. Trading in shares of the company were halted on Monday, pending release of an announcement, but haven't been resumed. The third party pledge guarantee suggests that the cash was backing debts taken on by another borrower. Travis Lundy, a Hong Kong-based analyst

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China Evergrande says banks enforce rights on $2B pledged as security