China Evergrande to exit Shanghai Henggen Real Estate amid liquidity crunch
Add BT as a preferred source
DeeperDive is a beta AI feature. Refer to full articles for the facts.
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
Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.
Share with us your feedback on BT's products and services
TRENDING NOW
‘Boring’ is the new black: The stars are aligning for a Singapore stock market revival
Near sell-out launches in March boost developer sales to 1,300 units after four slow months
China pips the US if Asean is forced to choose, but analysts warn against reading it like a sports result
Genting Singapore’s Lim Kok Thay receives S$7.5 million pay package for FY2025
