A map showing China Evergrande Group’s development projects in China on a wall at the Evergrande City plaza in Beijing on September 21, 2021. Photo: AP
Evergrande crisis: China’s most indebted developer sells Crystal City in Hangzhou as banks close in to seize its deposits
- China Evergrande Group sold its interest in Crystal City in Hangzhou, for 3.66 billion yuan in cash to two state-owned builders
- Proceeds from the sale will go towards paying 920.7 million yuan of construction costs in Hangzhou, leaving Evergrande with a one-time gain of 216 million yuan
A map showing China Evergrande Group’s development projects in China on a wall at the Evergrande City plaza in Beijing on September 21, 2021. Photo: AP
