Evergrande Property Services to ‘introduce state-owned enterprises’
Evergrande Property Services will “introduce state-owned enterprises”, according to a new report from Chinese media.
Chen Ye, from the Cailian News Agency, has reportedly learned that on August 1 the new Chairman of the company’s board of directors Duan Shengli convened a meeting of the company’s middle and high-level executives, during which he announced that “Evergrande Property would introduce state-owned enterprises”.
No further details about the meeting have been made public at this time.
Duan joined the China Evergrande Group in 2005 and has held various positions including Chairman of the Beijing and Henan arms of Evergrande Real Estate Group.
The development follows the resignations of China Evergrande Group’s Chief Executive Officer Xia Haijun and Chief Financia Officer Darong Pan, who stood down after an investigation into Evergrande Property Services found loans secured by the unit were redirected back to the group.
Evergrande is currently attempting an enormous debt restructuring, which is taking longer than the company had initially hoped.