China Evergrande Group will continue with efforts to sell a plot of undeveloped land in Hong Kong even after the appointment of a receiver by a creditor, a person with direct knowledge of the matter said.
The China Evergrande Centre building sign is seen in Hong Kong, China December 7, 2021. REUTERS/Tyrone Siuwill continue with efforts to sell a plot of undeveloped land in Hong Kong even after the appointment of a receiver by a creditor, a person with direct knowledge of the matter said.
U.S. asset manager Oaktree Capital Management, a lender to Evergrande to develop a vast land plot in the rural Yuen Long district, has sought to seize control of the asset by appointing a receiver, a separate person said last month.Oaktree's move came after Evergrande, the world's most indebted property developer with more than $300 billion in debt, defaulted on a secured loan, said the first person, declining to be identified as he was not authorised to speak to the media.
The Financial Times reported on Jan. 28 that Oaktree also took control of a residential development project of Evergrande in Shanghai after the developer defaulted on a secured loan provided by the asset manager late last year.Evergrande said in an exchange filing on Jan. 30 that it was seekingon the appointment of a receiver for the Yuen Long plot and that the company was in discussions with the lender.
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