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Lender Seizes Evergrande Head Office in Hong Kong – FT

A lender has seized China Evergrande’s headquarters in Hong Kong after the hugely indebted developer defaulted on a loan and was unable to sell the 26-storey tower, the FT says.


The China Evergrande Centre in Hong Kong has allegedly been seized by a lender. The group appears to be slowly unraveling under its massive debt load. Reuters photo.

 

A lender has seized China Evergrande’s headquarters in Hong Kong after the hugely indebted developer defaulted on a loan and was unable to sell the 26-storey tower, according to a report by the Financial Times, which quoted four sources but noted that the identity of the lender has yet to be confirmed.

Evergrande was informed early this week that the lender “had appointed a receiver to take charge of the property that is valued at $1.2 billion and force a sale”, the report said, adding that Evergrande has pledged the building in exchange for loans from a group of lenders led by China Citic Bank International, which is a Hong Kong unit of the state-owned bank.

Read the full report: The FT.

 

 

ALSO SEE:

China State Firms Buy Out $1bn Evergrande Stake in Bank

 

Hong Kong Court Sets Back Evergrande Wind-up Lawsuit

 

China’s Home Sales Could Plunge by 20% This Year: Poll

 

Can China Evergrande Save Itself With Debt Restructure?

 

Evergrande Looks at All Options to Pay Huge Offshore Debts

Jim Pollard

Jim Pollard is an Australian journalist based in Thailand since 1999. He worked for News Ltd papers in Sydney, Perth, London and Melbourne before travelling through SE Asia in the late 90s. He was a senior editor at The Nation for 17+ years and has a family in Bangkok.

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