China's indebted real estate giant, Evergrande, is chasing its founder and others for USD 6 billion in damages, alleging financial misrepresentation.
EvergrandeChina Real EstateDebt CrisisFinancial MisrepresentationXu JiayinReal Estate NewsAug 13, 2024
Evergrande is seeking to recover approximately USD 6 billion in dividends and remuneration from seven individuals or entities, including its founder, Xu Jiayin.
Evergrande is pursuing this lawsuit as part of its broader strategy to stabilise its financial situation and regain some control over its extensive debt.
The defendants named in the lawsuit include Xu Jiayin, 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.
Trading in Evergrande's shares has been suspended since January and will remain suspended until further notice.
Evergrande's debt crisis has had a significant impact on China's real estate market, contributing to a broader economic slowdown, and has raised concerns about the stability of the sector and its potential ripple effects on the global economy.
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