Evergrande to sell Crystal City Project in Hangzhou for $575 mn

31 Mar 2022 CW Team

China’s Evergrande Group told the media that it would sell its Crystal City Project in eastern Hangzhou for $575 million to two state-owned firms as the group’s liquidity issues hinder the progress of its projects.

The company will be selling the land-use and building ownership rights for the under-construction project to Zhejiang Zhejian Real Estate Group and Zhejiang Construction Engineering Group.

It will use the proceeds to repay construction fees of $145.14 million owed to Zhejiang Construction Engineering and the rest for its general working capital. The deal will have a profit of about $340.5 million.

The company has been struggling to repay the amount to suppliers, creditors and complete projects. It has stepped in to help with the debt restructuring process and taken over some of its assets to subdue market concerns about a disorderly collapse.

According to a statement, Evergrande said it had set up an independent committee to investigate how banks seized $21.12 billion in deposits of Evergrande Property Services Group as security for third party guarantees.

The shares of Evergrande New Energy Vehicle Group resumed trading on 30 March and dropped up to 14.5%.

Since last Monday, the shares of Evergrande and Evergrande Property Services have been suspended.

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Also read: China Evergrande Group to settle $511 mn trust loan with state help

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