HONG KONG – Struggling Chinese property giant Evergrande has had a lucrative building plot in suburban Hong Kong sold off by its American receiver to cover some of the company’s massive debts, according to company filings.
The undeveloped plot in the border district of Yuen Long was sold for nearly $637 million, with Evergrande saying it expected to record a loss of about $770 million on the land, according to a statement filed on the Hong Kong stock exchange on Sunday evening.
“The proceeds from such sale will be used to repay the company’s financial obligations in relation to the project,” Evergrande said.
Property and construction account for about a quarter of China’s gross …
Keep on reading: Vast Hong Kong villa development plot sold to cover Evergrande debts