In a call with investors late Tuesday, the developer’s officials reiterated comments from earlier filings that they were investigating the matter without sharing fresh details
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China Evergrande Group’s (恆大集團) property services unit is investigating how 13.4 billion yuan (US$2.1 billion) of its deposits were used as security for pledge guarantees and seized by banks.
The unusual development, which Evergrande Property Services Group Ltd (恒大物業) said it discovered while preparing its annual report, might heighten scrutiny of corporate governance at the real-estate empire founded by billionaire Hui Ka Yan (許家印).
While Evergrande’s main property business has been in financial distress for months, the services unit has long been considered among the stronger parts of Hui’s group. Evergrande and its Hong Kong-listed units also warned of delays in