fbpx

Type to search

China Evergrande Selling Hong Kong Office at a Loss – FT

The real estate group, struggling under about $300 billion of debt, bought the Wan Chai tower for HK$12.5 billion ($1.6 billion) seven years ago


China Evergrande said this week it has received a notice of enforcement from Shengjing Bank for unrecoverable funds totalling 32.595 billion yuan ($4.48 billion).
The logo of China Evergrande is seen at its former office in Hong Kong. Shengjing Bank said it failed to recover funds totalling 32.595 billion yuan ($4.48 billion), which were provided to a China Evergrande unit from 2020 to 2021. File photo: Reuters.

 

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 reportFinancial Times.

 

 

READ MORE:

China Evergrande CEO, CFO Resign Amid Investigation

Evergrande Gets New HKEX Condition for Shares to Resume Trading

Evergrande Bondholders Dismiss Plan to Delay $671m Payment

 

 

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.

logo

AF China Bond