One of China Evergrande’s Creditors Sells Hong Kong Plot for $637 Million

A creditor of China Evergrande Group has bagged almost $637 million after selling an undeveloped plot of residential land in Hong Kong pledged by subsidiaries of the debt-laden property giant.

This is another forced asset sale for Evergrande, one of the world’s most indebted developers, while it is continuing to restructure its massive debt load.

The proceeds from the sale will be used to repay Evergrande’s financial obligations in relation to the planned development of the land, the company said in a Sunday stock exchange filing. The developer expects a loss of roughly $770 million from the project.