EGRNF - China Evergrande headquarters seized by lender after loan default - report
- The Hong Kong-based headquarters of China Evergrange ( OTCPK:EGRNF ) ( OTCPK:EGRNY ) have been snatched by an unidentified lender after the debt-laden property developer defaulted on a loan and failed to liquidate the building two separate times, four people familiar with the matter told the Financial Times Thursday.
- A number of receivers was recently appointed by the lender to take control of the $1.2B China Evergrande Centre and force a sale of the 26-story tower, the FT reported, citing the people.
- The receivers were hired from restructuring firm Alvarez & Marsal, two people added.
- In the wake of a liquidity crisis hampering the the country's property market, Evergrande's ( OTCPK:EGRNF ) latest attempt to sell the building was near the end of July, attracting a bid from CK Asset, founded by billionaire Li Ka-shing. That reportedly followed Chinese state-owned firm Yuexi Property dropping a $1.7B deal to purchase the building.
- Earlier this week, (Sep. 7) China Evergrande sells Shengjing bank stake for $1.05B in auction .
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China Evergrande headquarters seized by lender after loan default - report