China Evergrande Group Gets Spending Ban from Chinese Court

MT Newswires Live11-29

A court in Guangzhou, China meted out spending restrictions against China Evergrande Group (HKG:3333) and founder Hui Ka Yan as both have not met payment obligations.

The court banned splurging in areas outside of "necessities of life or business," according to a Tuesday filing with the Hong Kong Exchange.

Evergrande's founder has already faced spending restrictions before, Bloomberg News reported Tuesday, citing Chinese media outlet Guandian.

The beleaguered property company's restrictions are the latest episode in its winding-up proceedings following a liquidation order in January.

Its onshore developer unit, Hengda Real Estate, was fined 4.18 billion yuan for inflating its 2019-2020 revenues.

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