Breaking News, Latest Philippines Headlines, World, Entertainment, Politics, Weather & Video News
NEW YORK, Aug 18, 2023 (AFP) – Embattled Chinese property giant Evergrande Group filed for bankruptcy protection in the United States on Thursday, court documents showed, a measure that protects its US assets while it attempts to restructure. Evergrande, once China’s top property developer, was found in 2021 to be struggling with more than $300 billion in liabilities, as it came under intense pressure after officials tightened scrutiny on the real estate industry. The company’s […]
Beijing, China | AFP | Embattled property giant China Evergrande has sold land earlier earmarked for its headquarters in the southern tech hub Shenzhen for $1 billion, according to an official document, as it fights for survival. The real estate behemoth has been involved in restructuring negotiations after racking up $300 billion in liabilities following Beijing’s crackdown on excessive debt and rampant speculation in the property sector. The 10,377-square-metre (111,700-square-foot) land in Nanshan district was sold […]
Hong Kong, China | AFP | Struggling Chinese property giant Evergrande has had a lucrative building plot in suburban Hong Kong sold off by its American receiver to cover some of the company’s massive debts, according to company filings. The undeveloped plot in the border district of Yuen Long was sold for nearly $637 million, with Evergrande saying it expected to record a loss of approximately $770 million on the land, according to a statement […]
