Report: Evergrande receives government support

The ailing real estate giant Evergrande is to receive support from the Guangdong provincial government, according to a media report. The financial information service REDD Intelligence reports that the local authorities want to take care of the restructuring of the virtually bankrupt group. Among other things, the new administration is expected to divest the group’s overseas properties. The proceeds could be used to settle debts to international investors. In addition, independent consultants are to be sent to the company to assist with the reorganization.