4u Created
Image default
Business

China Evergrande says its interests in land in Hong Kong sold for $637 million By Reuters



© Reuters. FILE PHOTO: A crane stands at a construction site near the headquarters of China Evergrande Group in Shenzhen, Guangdong province, China, Sept. 26, 2021. REUTERS/Aly Song

(Reuters) – China Evergrande Group said on Sunday its interests in a plot of undeveloped land for residential development in Hong Kong’s Yuen Long district have been sold by its receivers for $636.94 million.

The proceeds will be used to repay some of the company’s financial obligations in relation to the project and a loss of about $770 million is expected to be recorded in respect of the project, the Chinese property developer said in a filing to the Hong Kong bourse.

Saddled with more than $300 billion in total liabilities, the defaulted Chinese property developer has already seen many of its assets, both in mainland China and Hong Kong, seized by creditors.



Source link

Related posts

Floor & Decor Holdings, Inc. PT Lowered to $66 at Piper Sandler

Factory output weakens on widespread slowdown, China COVID curbs By Reuters

Abortion rights activists face first day of post-Roe v. Wade American life By Reuters