In a significant turn of events, a unit of China Evergrande, one of China's largest property developers, has initiated legal proceedings against its parent company. This move has caught the attention of industry experts and investors, as it signals a deepening crisis within the company.
The subsidiary, known as Hengda Real Estate Group, disclosed on Friday that it had filed a lawsuit against China Evergrande. The legal action reportedly revolves around overdue payments, with Hengda claiming it is owed a substantial amount of money by its parent company.
