Evergrande is planning to sell its stake in a 2.5m sq ft real estate project, as the company faces continued uncertainty over the progress of its colossal restructuring process.
The group, which has more than $300bn in liabilities, defaulted on an offshore bond payment in December after months of missed and delayed payments. It has since been undergoing a faltering and secretive process to restructure its debts.
In a filing to the Hong Kong stock exchange, Evergrande said it would sell its $575m stake in the Crystal City Project, a development under construction in Hangzhou, including the rights to ownership of the buildings and the construction land use rights to the site.
