According to updates on June 16 by online business information outlet Tianyancha, Evergrande and two of its affiliates have been subjected to law enforcement actions by a local court in Guangzhou city.
The latest law enforcement actions were worth more than 29 million dollars. The debt-laden developer has had more than 2.75 billion dollars of its assets taken over by law enforcement actions thus far.
Besides Evergrande Real Estate Group Company Limited, the court decision also includes Chengdu Evergrande New North City Real Estate Company Limited and Evergrande Real Estate Group Chengdu Company Limited.
Financial World Weekly reported that Evergrande had been executed 11 times in May alone.
The Paper reported that home designer Grandland Decoration Group said on May 30 that its accounts receivable turnover were slow because of the debt crisis of its largest customer Evergrande Group. The company has recently encountered some overdue debts due to tight liquidity.
The late principal and the past-due obligations revealed in the prior period totaled 105 million dollars as of the disclosure date of the announcement.
Trendzone sought over 25 million dollars in construction costs and interest on overdue payments from the cash-strapped property giant in this legal pursuit. It also wants Evergrande to handle the litigation costs related to the case.