Indebted Evergrande to sell US$576m stake in mega-project to pay debts
Troubled China Evergrande Group (恆大集團) yesterday said that it would sell its stake in an incomplete development near Shanghai for US$576 million as it scrambles to find cash to pay its mammoth debts. The real-estate giant is drowning in US$300 billion of liabilities, and has struggled to repay bondholders and investors after a clampdown by Beijing suddenly turned off the liquidity taps. Yesterday, the developer said it would sell the Crystal City Project, a vast commercial zone in Hangzhou, an eastern city outside of Shanghai, for 3.66 billion yuan (US$576.4 million). Part of the proce...
Source: taipeitimes.com