Skip to content

Evergrande Cut by Moody’s, Faces Asset Freeze Petition Again

  • Moody’s downgrades developer for second time since June
  • Evergrande has been offloading assets to ease funding pressure
Video player cover image
Huarong to Restructure, Exit Units in Downsizing Push
Updated on

China Evergrande Group’s woes deepened as an advertiser sought legal action for payments and its credit rating was cut again by Moody’s Investors Service.

In the latest move by a creditor to protect its assets, Leo Group Co. said it filed a lawsuit against Evergrande’s Hengda Real Estate unit to pay for advertisements. It’s asking a Shenzhen court to freeze some of the unit’s assets, including bank accounts, an exchange filing showed Tuesday.