[ad_1]
Bengaluru: China Evergrande Group said on Monday that its unit has struck a deal to sell a piece commercial get into shenzhen for 7.54 billion yuan ($1.05 billion), as the embattled property developer seeks to reduce its massive debt.
Evergrande, which has nearly $300 billion in liabilities, has been at the center of a deepening property debt crisis. China Which has seen several developers defaulting on their offshore loan obligations in the last one year, prompting many to consider debt restructuring.
The company said it will sell the land to a unit of Shenzhen Anhe No.1 Property Development, Shenzhen Anju Construction Investment and operation. real estate firm china vanke Shenzhen Anju holds 20% stake.
Evergrande is expected to lose approximately 163 million yuan from the disposal of 10,376.82 square meters of land located in Shenzhen.
The company said the proceeds from the sale would be used to repay incidental debt in respect of the land, while adding the land did not generate any rental income in 2020 and 2021.
[ad_2]
Source link