Evergrande appears to be going bust. It’s turning unruly and happening fast. Bloomie:
China Evergrande Group’s crisis deepened after a court froze assets of its listed onshore subsidiary, spurring another selloff in its shares and bonds.
The entire 20% stake in Shanghai-listed Langfang Development Co., held by the developer’s main onshore unit, was frozen from Thursday for three years, an exchange filing showed. The order is the result of a civil lawsuit between Evergrande units and a state-backed builder on shanty-town homes and infrastructure in Wuhan, a city in central China, the filing said, without providing details.
