Debt-hit developer Evergrande sells land for US$1bn
Embattled property giant China Evergrande has sold land earlier earmarked for its headquarters in the tech hub of Shenzhen for US$1 billion, according to an official document. The real estate behemoth has been involved in restructuring negotiations after racking up US$300 billion in liabilities. The 10,377-square-metre land in Nanshan district was sold to Shenzhen Anhe No 1 Real Estate Development for 7.5 billion yuan, according to land transaction records published by the city's Public Resource Exchange Centre on Saturday. Evergrande has scrambled to offload assets in recent months and its financial situation has worsened considerably since last year. Major developers, including Evergrande have failed to complete projects, sparking mortgage boycotts and protests from homebuyers. The mainland's banking regulator earlier this month unveiled sweeping measures to support the property sector, including credit support for distressed developers to ensure the completion and handover of projects to homeowners. (AFP)