Evergrande Founder's Unsold Mansion Shows Struggle to Sell Off Assets
- Liquidator may struggle to sell assets in slumping market
- Glut of distressed sales likely to weigh on Hong Kong property
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If the lack of buyers for a prime office tower and a mansion in Hong Kong are any guide, China Evergrande Group’s liquidators are in for a long road ahead.
Alvarez & Marsal, the company chosen this week to unwind the fallen Chinese property developer, is still trying to sell Evergrande’s $1.6 billion former Hong Kong headquarters building after it was seized in separate proceedings in 2022. That’s even after a rebranding and roadshows by agents in mainland China to attract investors.