China Evergrande’s Unsold Tower Bodes Ill for Creditors

(Bloomberg) — If the lack of buyers for a prime office tower and a mansion in Hong Kong are any guide, China Evergrande Group’s liquidators are in for a long road ahead.

Alvarez & Marsal, the company chosen this week to unwind the fallen Chinese property developer, is still trying to sell Evergrande’s $1.6 billion former Hong Kong headquarters building after it was seized in separate proceedings in 2022. That’s even after a rebranding and roadshows by agents on the Chinese mainland to attract investors.