Sep 14, 2022 04:56 AM

FINANCE

Evergrande Hong Kong Headquarters Building Seized by Creditor

By Wang Xiaoqing and Han Wei

Evergrande purchased the headquarters building in 2015 from Chinese Estates Holdings Ltd. for a record HK$12.5 billion.

Evergrande purchased the headquarters building in 2015 from Chinese Estates Holdings Ltd. for a record HK$12.5 billion.

Debt-ridden China Evergrande Group lost control of its Hong Kong headquarters building to a creditor over an unpaid loan of almost $1 billion in the latest sign of the developer’s deepening financial woes.

The 26-story China Evergrande Center in the Wan Chai area was seized Sept. 6 by consulting firm Alvarez & Marsal, according to a document from Hong Kong’s Companies Registry.

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