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.