(Bloomberg) -- Hundreds of people took to the streets of the largest city in China’s Henan province this week, calling on authorities to ensure the return of tens of billions of yuan invested in what could be one of the nation’s largest financial scams.Most Read from BloombergFed Saw Aggressive Hikes Providing Flexibility Later This YearBiden Demands US ‘Stand Up’ to Gun Makers After Texas AttackWhy So Few Big Rats Have Fled Putin’s ShipStocks Climb in Volatile Session After Fed Minutes: Markets
The firm is selling the land-use and building ownership rights for the project, which is under construction, to Zhejiang Zhejian Real Estate Group and Zhejiang Construction Engineering Group, Evergrande said in a filing. Saddled with over $300 billion in liabilities, Evergrande has been struggling to repay suppliers, creditors and complete projects. In a separate filing late on Tuesday, Evergrande said it had set up an independent committee to investigate how banks seized 13.4 billion yuan in deposits of its property services arm, Evergrande Property Services Group, that had been pledged as security for third party guarantees.
China Evergrande New Energy Vehicle Group said it will start accepting orders for its inaugural electric car, the Hengchi 5 sport utility vehicle, "imminently" and open sales centres in 15 major cities across the country. Liu Yongzhuo, president of the electric vehicle (EV) arm of the world's most indebted property developer China Evergrande Group, made the comment at an online meeting attended by nearly 200 global parts suppliers on Sunday, according to the firm's official Wechat account. Evergrande told investors in a call last week it was trying to rope in investors to help bolster the unit's finances - a goal it has been pursuing for months without much success.