SHENZHEN, China—Heavily indebted property firm China Evergrande Group said on Monday that it has moved out of its headquarters in Shenzhen to another property in the city to cut costs and was still registered in the southern Chinese city. The company issued its statement after the Chinese media outlet The Paper reported that Evergrande had moved its headquarters from Shenzhen to nearby Guangzhou. Evergrande said it has moved out of Shenzhen’s Excellence Centre, which is owned by another company, to a building that Evergrande owns in the city but gave no further details on the new set-up. The world’s most indebted developer, Evergrande is struggling to repay more than $300 billion in liabilities including nearly $20 billion in offshore bonds deemed in cross-default by ratings agencies last month after it missed payments. On Monday afternoon, the company’s logo had been partially removed on one side of the Excellence Centre. Security …
China Evergrande Moves From Shenzhen HQ Building to Cut Costs
January 11, 2022
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Business & EconomyChinaChina Business & EconomyChina Evergrande GroupCompaniesGuangzhouheadquartersShenzhen
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