Evergrande Transfers Projects to Partners for Debt Relief

What’s new: Debt-ridden developer China Evergrande Group transferred its stakes in several property projects to partners as part of its debt relief efforts.

An Evergrande unit in Kunming, Yunan province, transferred its entire stake in a residential and commercial complex project in the city Jan. 13 to Minmetals International Trust Co. Ltd. at a valuation of 50 million yuan ($7.87 million), public records showed. A similar stake transfer was filed Jan. 12 between an Evergrande unit in Foshan, Guangdong province, and Minmetals Trust.