Tender For Evergrande’s Hong Kong HQ

Tender For Evergrande’s Hong Kong HQ To Close Next Month

HONG KONG – Savills, a real estate consultancy appointed by receivers to sell China Evergrande Group’s headquarters in the Chinese territory, announced that the tender for the sale of the commercial property closes on 31 October 2022, reported Reuters on Monday (26 September, SGT).

Earlier this month, the lenders to indebted property developer Evergrande appointed receiver Alvarez and Marsal to seize the China Evergrande Center in Hong Kong, according to a Companies Registry filing.

On Sunday (25 September), Savills said in a statement that the disposal of the 27-storey office building in Wan Chai will include existing leases.

The tender of the commercial property comes as the world’s most indebted real estate developer struggles to tackle its debt crisis. Saddled with over US$300 billion in liabilities, Evergrande has been attempting to dispose its Hong Kong headquarters since 2H 2021 in an effort to raise funds.

In July, sources revealed that the Chinese real estate developer was looking to divest the office building via a tender process. However, the offers were too low at under HK$10 billion (S$1.8 billion), compared to the asset’s acquisition price of US$12.5 billion in 2015.

Free Finding Service