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Indebted Evergrande to sell US$576m stake in mega-project to pay debts

Troubled China Evergrande Group (恆大集團) yesterday said that it would sell its stake in an incomplete development near Shanghai for US$576 million as it scrambles to find cash to pay its mammoth debts.
The real-estate giant is drowning in US$300 billion of liabilities, and has struggled to repay bondholders and investors after a clampdown by Beijing suddenly turned off the liquidity taps.
Yesterday, the developer said it would sell the Crystal City Project, a vast commercial zone in Hangzhou, an eastern city outside of Shanghai, for 3.66 billion yuan (US$576.4 million).
Part of the proceeds from the sale would go to repaying construction ....

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La Jornada - Deuda de gigante inmobiliario chino sacude a los mercados

La Jornada - Deuda de gigante inmobiliario chino sacude a los mercados
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