The Guangdong provincial government sent a working team to Evergrande’s headquarters to study the developer’s financial condition and help with risk disposal, as per Caixin. They report that the working team told regional companies of Evergrande to suspend all assets disposals from December 12 to make better sense of Evergrande’s finances, assets and liabilities. Caixin learned that many executives offered personal guarantees for Evergrande’s obligations as the provincial government collected information on executives’ guarantees for the developer’s debts. The move comes after Evergrande’s coupon defaults post which restructuring talks have been doing the rounds.
Evergrande’s dollar bonds were steady, trading at 20-22 cents on the dollar.
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