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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
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(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.

Story Credit: investing.com

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