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9/26, 2:40 PM (Source: TeleTrader)
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Chinese officials take control of Evergrande sales revenue - report

Chinese local officials have taken control of China Evergrande Group's property sales revenue, according to a report published by the Financial Times on Sunday.

According to the report, the action was taken by at least two local government offices, following the advice from the Chinese government to start preparing for a potential collapse of the real estate developer. Moreover, the officials took the action in order to protect the interest of homebuyers and that project construction continues.

Previously, it was reported that Evergrande failed to make the annual interest rate payments to its global investors, as fears continue to rise that the company won't be able to make any of its debts.

Breaking the News / OL