China steps up funding oversight of Evergrande property projects

Special accounts set up to oversee, review fund use of debt-laden firm

Worries surrounding debt-strapped property developer China Evergrande have put investors on guard

The special accounts have been set up since late August in at least eight provinces where Evergrande has the most unfinished projects, the Chinese outlet said on Sunday, citing a source close to the developer’s management team.

Several local governments in China have set up special custodian accounts for property projects of its most indebted developer, Evergrande, to protect funds earmarked for housing projects from being diverted,

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First Published: Sep 26 2021 | 10:57 PM IST

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