Evergrande Creditors Seized a $1.6 Billion Tower They Can’t Sell

Hong Kong building has plummeted in value during office slump
Assets of other distressed Chinese developers are also on sale

The China Evergrande Centre in the Wan Chai area of Hong Kong, China, on Monday, Sept. 20, 2021. China Evergrande Group bondholders are about to find out if the property giant's liquidity crisis is as dire as it appears with interest payments on two notes due Sept. 23.Photographer: Kyle Lam/bloomberg

Provide news feedback or report an error

Confidential tip?

Send a tip to our reporters

Site feedback:

Take our Survey

By Pearl Liu and Dorothy Ma

July 20, 2023 at 2:19 AM UTC

This article is for subscribers only.

Nothing symbolizes the demise of China Evergrande Group like the Hong Kong tower that it bought for a record $1.6 billion. Once a jewel in the developer’s crown, creditors are still trying to sell the building almost a year after seizing it.

Refurbishments and a name change to steer clear of the disgraced defaulter have failed to convince buyers at a time when Hong Kong’s office market is going through its worst downturn in years.