CHINESE property giant
The indebted company was investigating how deposits worth
The pledges threatened to wipe out most of the cash the unit was holding.
The company said the loans secured by the pledges, which involved three sets of deposits, "were transferred and diverted back to the group via third parties and were used for the general operations of the group".
Global investors have turned their attention to the embattled Chinese developer's cash flow problems out of worry that a collapse may shake the financial system and slow development in the world's secondlargest economy.
Reuters
(c) 2022 City A.M., source