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Property

China Evergrande auditor unable to meet deadline for results

Group reveals $2.1bn in deposits seized by banks from property management unit

Authorities in China Evergrande Group's home base in Guangdong Province have repeatedly deployed security teams to turn away demonstrators demanding payment at the company's offices.   © Reuters

HONG KONG -- China Evergrande Group said on Tuesday that it will miss a stock exchange deadline to disclose its annual results by the end of the month, citing complications with the auditing of its books.

Investors have been waiting for the update to get a fuller understanding of the developer's debt woes. Evergrande, which was China's largest property developer by sales until its operations were undermined by its financial troubles, previously disclosed debts of about $300 billion but has since given indications it owes much more.

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