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China debt crunch

China court freezes $157m of Evergrande assets over missed payments

Filing by contractor Shanghai Construction cited ruling on deposits, real estate

The Guangzhou Intermediate People's Court ruled that assets held by a subsidiary of China Evergrande Group must be frozen.   © Reuters

HONG KONG (Reuters) -- A Chinese court has ordered the freezing of 640.4 million yuan ($101 million) in assets held by a subsidiary of China Evergrande Group, according to a filing by contractor Shanghai Construction Group.

State-owned Shanghai Construction, which sued the Evergrande unit in the southwestern city of Chengdu in December for overdue construction fees, cited the Guangzhou Intermediate People's Court ruling that the assets to be frozen will include bank deposits and real estate.

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