Evergrande Property's 13.4 billion yuan deposit pledge survey was announced, and many executives such as Xia Haijun resigned

On July 22, 2022, China Evergrande (03333.HK) and Evergrande Property (066666.HK) jointly announced the preliminary survey results of the previously enforced implementation of 13.4 billion yuan of deposit pledge of Evergrande Property.

According to the preliminary investigation results of the Evergrande Independence Investigation Committee, the loans related to Evergrande Property pledge returned to Evergrande, China through third parties (after deducting costs), and used it for its general operations.

According to the announcement, Evergrande Property's 13.4 billion yuan pledge guarantee was divided into three pledge, involving the amount of RMB 2 billion, 8.7 billion yuan, and 2.7 billion yuan, respectively.

In view of this, China Evergrande has not been able to disclose the 2021 financial report, and the three companies of Evergrande are still suspended.

The announcement of the survey has also caused major changes in the internal executives of China Evergrande.

According to preliminary investigation materials, Xia Haijun and Pan Darong, executive directors of Evergrande of China, and Ke Peng, executive president of the subsidiary Evergrande Group Co., Ltd., participated in the above arrangements, so the board of directors decided to request the above -mentioned persons to resign.

At the same time, China Evergrande issued a announcement of the change of directors and chief executives. Xia Haijun, executive director and chief executive officer of Evergrande, officially resigned, and his position was replaced by the current executive director, Sean. In addition, Liu Zhen and Qian Cheng were announced as executive directors.

Evergrande Property also announced that the executive directors, the board of directors and the nomination committee Zhen Litao, the company's executive director Zhao Changlong and An Lihong were also asked to resign in the company's position. Duan Shengli was appointed as an executive director and was also elected as the board of directors. The nomination committee and the Stock Exchange's securities listed rules were authorized by Article 3.05.

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