Zhuhai Plans Land Buyback to Support Debt-Strained Huafa
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Dawanshan Island and Wanshan Fishing Port in Zhuhai, Guangdong province. Photo: VCG
The Zhuhai city government plans to buy back an idle hotel development site from a subsidiary of Zhuhai Huafa Group Co. Ltd. for about 181 million yuan ($27.2 million), as the southern Chinese city steps up support for the debt-strained state-owned conglomerate.
The proposed purchase, disclosed by the city’s natural resources bureau on Wednesday, would cover a 65,700-square-meter plot on Dawanshan Island at a 6.1% discount to its original purchase price. An earlier buyback attempt in 2025 fell through.
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