Â
>>REAL-TIME UPDATES IN THE WIRE. CLICK HERE<<<
Â
Â
Embattled property developer China Evergrande Group’s flagship tower in Wan Chai, Hong Kong was put for sale by tender until the end of next month.
The building at 38 Gloucester Road, Wan Chai, was recently commissioned by the receiver Alvarez & Marsal to Savills to sell in a tender. The 27-story building has a total area of about 345,423 square feet, with each floor having 12,000 to 14,000 sq ft, and 55 parking spaces.
Documents show the creditor is China CITIC Bank International, a subsidiary of state-owned China CITIC Bank, and the sale may have been occasioned by a HK$7.6 billion mortgage that Evergrande took on its Hong Kong headquarters. It bought the building from Chinese Estates Holdings (0127) in 2015 for HK$12.5 billion.
In October 2021, Yuexiu Property reportedly planned to buy it for HK$10.5 billion, but the deal failed to go through over concerns that Evergrande’s unpaid liabilities could jeopardize it. Evergrande, in June, tried to auction it off and got a bid of HK$9 billion from CK Asset Holdings, 28% lower than its purchase price.