China Evergrande Group (EGRNF)
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China Evergrande to sell Crystal City Project for $575 million
The firm is selling the land-use and building ownership rights for the project, which is under construction, to Zhejiang Zhejian Real Estate Group and Zhejiang Construction Engineering Group, Evergrande said in a filing. Saddled with over $300 billion in liabilities, Evergrande has been struggling to repay suppliers, creditors and complete projects. In a separate filing late on Tuesday, Evergrande said it had set up an independent committee to investigate how banks seized 13.4 billion yuan in deposits of its property services arm, Evergrande Property Services Group, that had been pledged as security for third party guarantees.
