Deals
Evergrande Seeks Sale of Hong Kong Residential Project
- Aims to get $1 billion, person says, less than purchase price
- Developer faces mounting pressure to raise cash, curtail debt
Outside the China Evergrande Centre in Hong Kong, earlier in July.
Photographer: Lam Yik/BloombergThis article is for subscribers only.
China Evergrande Group is seeking to sell a residential project in Hong Kong, people familiar with the matter said, as it ramps up divestments to avert a cash crunch.
The debt-laden developer is looking to sell the site in the Yuen Long area of the New Territories for HK$8 billion ($1 billion), one of the people said, asking not to be identified because the matter is confidential. That’s lower than the HK$8.9 billion it paid to acquire the project.