Evergrande Ordered By China Court to Pay $860 Million in Dispute
Signage at the construction site of a residential project, formerly developed by China Evergrande Group, in Beijing, China.
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China Evergrande Group said it’s been ordered by a Chinese court to pay about 6 billion yuan ($860 million) in damages and compensation to settle a dispute with a local investor.
The embattled property developer and its Chairman Hui Ka Yan were ordered by a court in the southern Chinese city of Guangzhou to repurchase shares worth 5 billion yuan from Hexin Hengju Investment Holding Center, according to a statement from the company Friday.