HONG KONG (Reuters) – A tender sale of China Evergrande Group’s headquarters in Hong Kong will close on Oct. 31, real estate services firm Savills said, appointed by receivers to dispose of the asset.
Lenders of struggling Evergrande appointed receiver Alvarez and Marsal earlier this month to seize the China Evergrande Center in Hong Kong, a Companies Registry filing showed, as the world’s most indebted developer struggles to emerge from its debt crisis.
Savills said in a statement on Sunday the sale of the 27-storey office tower in the Wan Chai district will include existing tenancies.
Saddled with more than $300 billion in liabilities, Evergrande has been trying to sell the headquarters since the second half of last year as part of the asset disposal effort to raise funds but did not see any success.
Reuters reported in July, citing sources, that Evergrande was looking to sell the tower via a tendering process but the offers were too low at below HK$10 billion ($1.27 billion), compared to its purchase price of $12.5 billion in 2015.
Evergrande declined to comment.