China Evergrande’s unit received notice of enforcement for unrecoverable funds from Shengjing Bank

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Embattled property developer China Evergrande Group said in an exchange filing that its unit received a notice of enforcement for unrecoverable funds from Shengjing Bank Co Ltd.

The bank said it failed to recover funds totalling 32.595 billion yuan ($4.48 billion), which was provided to the unit from 2020 to 2021, Evergrande said.

The Evergrande unit’s 30.99% stake in Xinjiang Guanghui Industry Investment Group, which it had pledged to the bank has now been enforced, the notice said.