JAKARTA - Troubled Chinese property developer Evergrande has said it will sell its stake in an unfinished development near Shanghai for 575 million US dollars. This is done by the company owned by the Hui Ka Yan conglomerate in order to get cash to pay off a large debt.
As is known, the Chinese real estate giant is sinking in debt obligations of 300 billion US dollars. Evergrande has struggled to pay bondholders and investors alike, after a crackdown by the Chinese government that abruptly turned off its liquidity taps.
On Wednesday, March 30, Evergrande said it would sell the Crystal City Project, a sprawling commercial zone in Hangzhou, east outside Shanghai for 3.66 billion yuan ($575 million).
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A portion of the proceeds from the sale will be used to pay for construction costs of 920.7 million yuan, the company said in a filing to the Hong Kong stock exchange. The remaining cash will be used as the group's general working capital, Evergrande added.
"The group's liquidity problems have affected the development and progress of the group's projects," he said Wednesday, quoted by the Wall Street Journal.
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