BRIEF: Guangzhou Court puts consumption restrictions on Evergrande and its chairman

3333.HK

Struggling property developer China Evergrande Group (3333.HK) announced on Tuesday that the Nansha District People’s Court in the Southern Chinese city of Guangzhou imposed spending restrictions on the company and its Chairman Hui Ka Yan, banning them from making high-cost purchases that are non-essential for their daily life or business.

In September last year, the company announced that Hui, also known as Xu Jiayin, had been subject to unspecified“mandatory measures” due to suspicion of crimes. Hui has yet to be formally charged with a crime. Early reports indicated he was moved to a special detention center in Shenzhen after being placed under residential surveillance in Beijing.

In January this year, Evergrande was ordered to liquidate by the Hong Kong High Court. Trading in the company’s shares was suspended and has yet to resume. The company disclosed in its 2023 mid-year results that its liabilities totaled nearly 2.4 trillion yuan ($329 billion).

By Lau Chi Hang

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