The logo of China Evergrande is seen at its former office in Hong Kong. People moved to withdraw their money from the Bank of Cangzhou in northern Hebei province this week amid concern it could lose billions of yuan lent to the embattled Evergrande. 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 report: Financial Times.
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