Cash-Strapped Evergrande Offloads Vacant HQ Plot for $1 Billion

(Bloomberg) — China Evergrande Group sold land once reserved to build its Shenzhen headquarters in a 7.5 billion yuan ($1 billion) deal that marks the latest disposal by the defaulted property giant.

The 10,377-square-meter (111,700-square-feet) plot in Shenzhen’s western Nanshan district sold on Saturday after being put on sale in mid-November, according to a statement by the city’s platform for land transactions. The property has been sitting idle since September 2021. The buyer is mainly owned by a trust subsidiary of Shanghai-listed Industrial Bank Co. Ltd., separate corporate registry information showed.