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Chinese Developers Sell Assets to Pay Debt: Securities Times

China Aoyuan Group sells properties at a loss of HK$177 million to repay debt and its stock price subsequently plummeted


China
A woman walks past a property model at a sales office of Kaisa Group Holdings in Shenzhen. Photo: Reuters.

 

Debt-ridden Evergrande Group has sold its electric motor unit for 14.6 million yuan – a business that it spent 500 million yuan to buy, the Securities Times reported.

At the same time, China Aoyuan Group also recently announced that it had sold properties at a loss of HK$177 million to repay debt, and its stock price subsequently plummeted by more than 11%.

Meanwhile, Kaisa Group announced that its subsidiary Kaisa Securities would suspend the provision of securities services to customers who opened accounts with mainland Chinese identity cards or passports.

Read the full report: Securities Times

 

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George Russell

George Russell is a freelance writer and editor based in Hong Kong who has lived in Asia since 1996. His work has been published in the Financial Times, The Wall Street Journal, Bloomberg, New York Post, Variety, Forbes and the South China Morning Post.

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