EGRNF - China Evergrande to sell Crystal City Project for $575M to repay construction fees

In an effort to alleviate its debt burdens, struggling property developer China Evergrande (OTCPK:EGRNF) (OTCPK:EGRNY) is selling its Crystal City Project for 3.66B yuan ($575M) to two state-owned firms, Reuters reported, citing the company's filing. China Evergrande is selling the land-use and building ownership rights for Crystal City Project in the eastern city of Hangzhou to Zhejiang Zhejian Real Estate Group and Zhejiang Construction Engineering Group, the filing read. The project is still under construction. The proceeds of the transaction, will be used to repay construction fees of 920.7M yuan owed to Zhejiang Construction Engineering and the rest for its own general working capital, Reuters noted. Earlier, China Evergrande appointed advisors to probe $2.1B cash seizure.

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China Evergrande to sell Crystal City Project for $575M to repay construction fees