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Evergrande’s Shenzhen Land Sold for $1 Billion After Crunch

  • The land parcel was sold to an Industrial Bank-backed firm
  • Evergrande is racing to propose a restructuring plan
Updated on

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) area 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., separate corporate registry information showed.