Reuter is reporting that the city of Chengdu has taken back two plots of land from China Evergrande Group the latest move by authorities to seize assets from the cash-strapped property developer.
The land planning authority in the southwestern city said it was taking control of the plots, totalling over 300,000 square meters, as Evergrande had not developed them after holding them for over a decade.
The notices on the two plots, posted by the authority on Dec. 17, followed the same move by the Haikou city authority early last week, taking back a plot without compensation in the country's island province of Hainan.
The Chinese government is calling the shots at Evergrande after the real estate giant missed payments on two overseas bonds, triggering a restructuring to deal with its more than $300 billion in liabilities.
