China Evergrande asks Hong Kong property agents to sell more flats at Emerald Bay if they want the commission it already owes them
- The debt-stricken developer is offering to pay the outstanding fees on two flats for every additional unit that agents sell at the Tuen Mun project, according to notes from a meeting seen by the Post
- The unusual proposal has gone down like a lead balloon with property sales firms, with two of the city’s biggest agencies rejecting it out of hand
The Shenzhen-based developer is offering to pay the outstanding commission fees owed on two flats for every additional unit of similar value that agents manage to shift at its Emerald Bay project in Tuen Mun, according to notes from a meeting seen by the South China Morning Post.
The unusual proposal has gone down like a lead balloon with property sales firms, with two of the city’s biggest agencies rejecting it out of hand.
Evergrande has been holding a series of separate, casual meetings with different agencies, according to a source who attended one of them but did not wish to be identified.
The unprecedented commission plan from the world’s most indebted developer for Hong Kong’s property agencies comes as it struggles to repay outstanding sales commission for its Emerald Bay project. The offer extends to the first 30 units sold in November at the development.
The move comes after property agents filed lawsuits to pursue their sales commissions at Emerald Bay.