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Evergrande sold yacht this year, say sources, as creditors sharpen focus on offshore assets

China Evergrande Group sold its luxury superyacht for about $32 million earlier this year, said two sources, further shrinking the developer's offshore assets as its cash crunch worsened and it scrambled to pull together a debt revamp plan. Evergrande's offshore bondholders are expected to sharpen their focus on offshore assets as the developer's debt restructuring plan flounders with the founder now being investigated over suspected "illegal crimes". The debt restructuring process was further complicated this week after Evergrande said it was unable to issue new debt due to an investigation into its main China unit. ....

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Tax: Taxman takes affidavit route to uncover undisclosed foreign assets

Till now many bought time and tried to dodge the tax office by denying ownership or links with any overseas assets with false submissions, often made in letterheads of their chartered accountants and lawyers. Later, if tax officials called their bluff, such plain submissions gave them the leeway to escape harsh consequences. ....

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