Embattled Chinese developer China Evergrande has warned investors to “exercise caution” as it revealed the true extent of the crisis facing one of its units.
Hengda Real Estate, a principal subsidiary of Evergrande, says it had a total of 1,931 pending litigation cases as of the end of July 2023.
Those cases each involve more than US$4 million, with the total amount involved in excess of $60 billion.
“Holders of the company’s securities and potential investors of the company are advised to exercise caution when dealing in the securities of the company,” said China Evergrande Group Chairman Hui Ya Kan.
The company has also revealed that Hendga Real Estate’s unpaid debts total $38 billion and its overdue commercial bills total $28 billion.
www.asiamarkets.com/exercise-caution-china-evergrande-facing-1931-lawsuits-worth-60-billion/