China Evergrande to exit Shanghai Henggen Real Estate amid liquidity crunch

EMBATTLED property developer China Evergrande said on Thursday (Dec 14) its unit Hengda Real Estate Group would sell its entire 30 per cent stake in Shanghai Henggen Real Estate for 663.2 million yuan (S$123.07 million).

Shanghai Henggen was developing the Shanghai North Bund Project, which has generated no rental income during 2021 and 2022.

Evergrande said it expected to record a loss of 55 million yuan from the stake sale.

Earlier this month, the company was granted an adjournment on a liquidation petition to Jan 29, giving it time to finalise a revamped offshore debt-restructuring plan. REUTERS