Evergrande Selling Hong Kong Office at a Loss

China Evergrande, the beleaguered property developer, is selling its Hong Kong headquarters to raise funds, but is likely to take a loss on the transaction, the Financial Times reported in its live news blog on Thursday.

The real estate group, which is struggling under about $300 billion of debt, bought the Wan Chai tower for HK$12.5 billion ($1.6 billion) seven years ago, but the FT said it would be lucky to get HK$9 billion this year.

Read the full report: Financial 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.