Chengdu has reclaimed two plots of land from China Evergrande Group, the latest move by authorities to seize assets from the cash-strapped property developer.

The southwestern city's land planning authority said it was taking control of the plots, totaling over 300,000 square meters because Evergrande had not developed them after holding them for more than a decade.

The notices on the two plots were posted by the authority on December 17, following a similar move by the Haikou city authority earlier this week, which took back a plot without compensation in the country's island province of Hainan.

The Chinese government is in charge of Evergrande after the real estate conglomerate failed to make payments on two overseas bonds, triggering a restructuring to deal with its more than $300 billion in liabilities.

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According to two sources with direct knowledge of the matter, the authorities are investigating Evergrande and its wealthy chairman Hui Ka Yan's assets, but no fire sale is planned for the time being.

Another person said last month that a government body has taken over Evergrande's soccer stadium in Guangzhou, which is set to be the world's largest soccer venue by capacity, with the intention of selling it, after the developer halted construction due to a lack of capital.

Its EV unit, China Evergrande New Energy Vehicle Group, also announced late last month that it had returned to the government undeveloped lands for seven projects totaling 1.3 billion yuan ($203.87 million).

Evergrande shares fell 9.9% on Monday to HK$1.46, a new low.

Evergrande was downgraded to "selective default" by S&P on Friday after missing a debt payment deadline earlier this month, putting the developer at risk of becoming the country's largest defaulter. Fitch has already lowered the developer's rating to "restricted default"