Shenzhen, China
Caproasia.com | The leading source of data, research, information & resource for financial professionals, investment managers, professional investors, family offices & advisors to institutions, billionaires, UHNWs & HNWs. Covering capital markets, investments and private wealth in Asia. How do you invest $3 million to $300 million? How do you manage $20 million to $3 billion of assets? Caproasia - Learn more



This site is for accredited investors, professional investors, investment managers and financial professionals only. You should have assets around $3 million to $300 million or managing $20 million to $3 billion.










China Evergrande CEO & CFO Forced to Resign After $2 Billion of Deposits Pledged as Securities Were Used to Obtain Bank Loans

28th July 2022 | Singapore

China Evergrande, one of the largest property group in China and facing restructuring of $300 billion of liabilities, has forced its CEO Xia Haijun and CFO Pan Darong to resign (22/7/22) after discovery of $2 billion of deposits (CNY 13.4 billion) pledged as securities were used to obtain bank loans.  With some borrowers unable to pay back, the $2 billion of deposits may be in full default.  Mr. Siu Shawn, who is currently an executive director, has been appointed as the CEO. See below for China Evergrande Findings. 

“ China Evergrande CEO & CFO Forced to Resign After $2 Billion of Deposits Pledged as Securities Were Used to Obtain Bank Loans “

 



- Article continues below -



Sign Up
Basic Member: $5 Monthly | $60 Yearly
Newsletter Daily 2 pm (Promo): $20 Monthly | $180 Yearly (FP: $680)


The 2024 Investment Day
23rd July Hong Kong | 25th July Singapore

Private Equity, Hedge Funds, Boutique Funds, Private Markets & more. Taking place on 23rd July 2024 in Hong Kong, 25th July 2024 in Singapore.
Visit | Register here


The 2024 Family Office Summit
16th Oct Hong Kong | 23rd Oct Singapore

Join 80 single family offices & family office professionals in Hong Kong & Singapore
Links: 2024 Family Office Summit | Register here





China Evergrande Findings

Shenzhen, China

Preliminary findings of the independent investigation 

Based on the preliminary findings of the independent investigation committee of the Company, the loans secured by the Pledges (after deduction of fees) were transferred and diverted back to the Group via third parties and were used for the general operations of the Group. The Pledges involve three sets of deposit certificate pledges as follows. 

1. RMB2 billion deposit certificate pledge guarantee 

In December 2020, a subsidiary of Evergrande Property Services provided a third party company with a RMB2 billion deposit certificate pledge guarantee by way of time deposits, enabling that third party company to obtain a bank loan of equal amount. The funds obtained (after deduction of fees) were indirectly transferred to the Group via other third parties. The bank loan was due in March 2021 and had been repaid, and the relevant deposit certificate pledge had been released. 

During March 2021, a subsidiary of Evergrande Property Services provided another third party company with a RMB2 billion deposit certificate pledge guarantee by way of time deposits, enabling that third party company to obtain a bank loan. The funds obtained (after deduction of part of the fees) were indirectly transferred to the Group via other third parties. 

The second bank loan was due in September 2021, and the borrower failed to repay the loan. The RMB2 billion deposit certificate pledge provided by the subsidiary of Evergrande Property Services was enforced in September 2021. 

  1. RMB8.7 billion deposit certificate pledge guarantees
    In January, July and August 2021, a subsidiary of Evergrande Property Services provided two sets of deposit certificate pledge guarantees to various third party companies by way of time deposits, enabling those third party companies to obtain bank loans. The pledged deposits under the first set of deposit certificate pledges amounted to RMB8 billion. The relevant loans were repaid in July 2021, and the first set of deposit certificate pledges had been released. The pledged deposits under the second set of deposit certificate pledges amounted to RMB8.7 billion. The relevant funds obtained were transferred to the Group via an associate of the Group.
    The bank loans secured by the second set of deposit certificate pledges were due in November and December 2021, and the relevant borrowers failed to repay the loans. The RMB8.7 billion deposit certificate pledges provided by the subsidiary of Evergrande Property Services were transferred and enforced in November and December 2021.
  2. RMB2.7 billion deposit certificate pledge guarantee
    In June 2021, the Group borrowed a sum of RMB2.7 billion from certain third parties to pay an amount payable by the Group to a subsidiary of Evergrande Property Services. At the same time, a subsidiary of Evergrande Property Services provided deposit certificate pledge guarantee by way of time deposits in equal amount to enable such third parties to obtain bank loans.
    The relevant bank loans were due in September 2021, and the borrowers failed to repay the loans. The RMB2.7 billion deposit certificate pledge provided by the subsidiary of Evergrande Property Services was enforced in September 2021.
    Based on the information obtained from the preliminary investigation, Mr. Xia Haijun and Mr. Pan Darong, executive directors of the Company, and Mr. Ke Peng, an executive president of a subsidiary of the Company, Hengda Real Estate Group Co., Ltd., have participated in the above arrangement. In view of this, the Board resolved to request such persons to resign from their positions within the Group.
    The independent investigation committee of the Company will complete the relevant investigation as soon as possible and issue an investigation report.

Repayment of sums related to the Pledges 

The Company is discussing with Evergrande Property Services regarding the repayment plan of the sums related to the Pledges. The plan is mainly to set off the relevant sums by transferring assets of the Group to Evergrande Property Services. The Company will make further announcement(s) after the relevant repayment plan has been finalised. 

Internal control procedures of the Company 

In light of the above preliminary findings of the independent investigation, the Company will consider appointing an internal control consultant to conduct a comprehensive review of the internal control and risk management systems of the Company. 

Holders of the Company’s securities and potential investors of the Company are advised to exercise caution when dealing in the securities of the Company. 

The members of the board of directors (the ‘‘Board’’) of China Evergrande Group are set out below. 

Executive Directors 

Mr. Hui Ka Yan (Chairman)
Mr. Siu Shawn (Chief Executive Officer) Mr. Shi Junping
Mr. Liu Zhen
Mr. Qian Cheng 

Non-executive Director 

Mr. Liang Senlin 

Independent Non-executive Directors 

Mr. Chau Shing Yim, David Mr. He Qi
Ms. Xie Hongxi 




Managing $20 million to $3 billion. Investing $3 million to $300 million.
For Investment Managers, Hedge Funds, Boutique Funds, Private Equity, Venture Capital, Professional Investors, Family Offices, Private Bankers & Advisors, sign up today. Subscribe to Caproasia and receive the latest news, data, insights & reports, events & programs daily at 2 pm.

Join Events & Find Services
Join Investments, Private Wealth, Family Office events in Hong Kong, Singapore, Asia-wide. Find hard-to-find $3 million to $300 million financial & investment services at The Financial Centre | TFC. Find financial, investment, private wealth, family office, real estate, luxury investments, citizenship, law firms & more.  List hard-to-find financial & private wealth services.

Have a product launch? Promote a product or service? List your service at The Financial Centre | TFC. Join interviews & editorial and be featured on Caproasia.com or join Investments, Private Wealth, Family Office events. Contact us at [email protected] or [email protected]

Caproasia.com | The leading source of data, research, information & resource for financial professionals, investment managers, professional investors, family offices & advisors to institutions, billionaires, UHNWs & HNWs. Covering capital markets, investments and private wealth in Asia. How do you invest $3 million to $300 million? How do you manage $20 million to $3 billion of assets?



Quick Links


2021 Data Release
2020 List of Private Banks in Hong Kong
2020 List of Private Banks in Singapore
2020 Top 10 Largest Family Office
2020 Top 10 Largest Multi-Family Offices
2020 Report: Hong Kong Private Banks & Asset Mgmt - $4.49 Trillion
2020 Report: Singapore Asset Mgmt - $3.48 Trillion AUM


For Investors | Professionals | Executives
Latest data, reports, insights, news, events & programs
Everyday at 2 pm
Direct to your inbox
Save 2 to 8 hours per week. Organised for success

Register Below

For CEOs, Heads, Senior Management, Market Heads, Desk Heads, Financial Professionals, Investment Managers, Asset Managers, Fund Managers, Hedge Funds, Boutique Funds, Analysts, Advisors, Wealth Managers, Private Bankers, Family Offices, Investment Bankers, Private Equity, Institutional Investors, Professional Investors

Get Ahead in 60 Seconds. Join 10,000 +
Save 2 to 8 hours weekly. Organised for Success.

Sign Up / Register


    Investment ProfessionalAdvisorProfessional InvestorFinancial ProfessionalManagementOthers


    $20 million to $100 million AUM$100 million to $300 million AUM$300 million to $1 billion AUM$1 billion to $10 billion AUM$10 billion to $100 billion AUMMore than $100 billion AUM


    Mailing List / Free TrialMonthly SubscriptionYearly SubscriptionMembershipEvents


    2024 Investment Day Hong Kong 23rd July2024 Investment Day Singapore 25th July2024 Investment Day Hong Kong 4th Sept2024 Investment Day Singapore 11th Sept2024 Family Office Summit Hong Kong 16th Oct2024 Family Office Summit Singapore 23rd Oct / 6th Nov










    Web links may be disabled on mobile for security.
    Please click on desktop.










    Caproasia Users

    • Manage $20 million to $3 billion of assets
    • Invest $3 million to $300 million
    • Advise institutions, billionaires, UHNWs & HNWs

    Caproasia Platforms | 11,000 Investors & Advisors

    Monthly Roundtable & Networking

    Family Office Programs

    The 2024 Investment Day

    • March 2024 - Hong Kong
    • March 2024 - Singapore
    • June 2024 - Hong Kong
    • June 2024 - Singapore
    • Sept 2024 - Hong Kong
    • Sept 2024 - Singapore
    • Visit: The Investment Day | Register: Click here

    Caproasia Summits

    Contact Us

    For Enquiries, Membership
    [email protected], [email protected]

    For Listing, Subscription
    [email protected], [email protected]

    For Press Release, send to:
    [email protected]

    For Events & Webinars
    [email protected]

    For Media Kit, Advertising, Sponsorships, Partnerships
    [email protected]

    For Research, Data, Surveys, Reports
    [email protected]

    For General Enquiries
    [email protected]





    Caproasia | Driving the future of Asia
    a financial information technology co.
    since 2014




    Previous articleIndia Billionaire & Richest Man Gautam Adani is World’s 4th Richest with $114 Billion Fortune, Overtakes Bill Gates with $113 Billion
    Next articleTwitter Sets 13th September 2022 for Shareholders to Vote on Elon Musk Twitter $44 Billion Buyout, United States Court Trial Scheduled in October
    Caproasia.com covering capital markets, investments and private wealth in Asia. Our users manage, advise & invest $25 trillion assets in Asia