View of the stand of China Fortune Land Development at a Shanghai expo in March 2019. Photo: AFP
View of the stand of China Fortune Land Development at a Shanghai expo in March 2019. Photo: AFP

China Fortune Land to raise US$1.78 billion from asset sales to repay creditors

  • Cash-strapped developer to sell four projects to state-backed rival China Resources Land to help repay creditors
  • Company expects to take a loss on the transaction, with payments to be staggered over four years

View of the stand of China Fortune Land Development at a Shanghai expo in March 2019. Photo: AFP
View of the stand of China Fortune Land Development at a Shanghai expo in March 2019. Photo: AFP
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