Real Estate

China Evergrande HQ Land up For Sale at $1 Billion

 

A Shenzhen land plot that had been earmarked for China Evergrande Group’s new headquarters has been put up for auction, with bidding starting at $1.06 billion.

The auction for the 10,000 square metre plot, originally intended to become Evergrande’s new base, will be held between November 21 and 26, a Shenzhen public resources exchange said on Friday.

Construction at the site has been halted since September 2021, after Evergrande was forced to suspend many of its projects because it was unable to pay contractors and creditors.

Also on AF: Hong Kong Economy Shrinks Again With More Gloom to Come

Many of its assets have also been put up for sale or taken over by creditors and local governments, as the developer reels under more than $300 billion in liabilities.

Evergrande bought the plot in 2017 for 5.6 billion yuan, local media reported.

Evergrande moved its headquarters from Guangzhou to rented space in Shenzhen in 2017, but moved back to Guangzhou late last year amid a debt crisis.

  • Reuters, additional editing from Alfie Habershon

 

Read more:

Investors Dump China Property Shares, Bonds as CIFI Defaults

China Property Woes Extended in October, CIFI Debts Suspended

China Authorities Seize Evergrande’s Island Resort Towers

 

Alfie Habershon

Alfie is a Reporter at Asia Financial. He previously lived in Mumbai reporting on India's economy and healthcare for data journalism initiative IndiaSpend, as well as having worked for London based Tortoise Media.

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