March 31, 2022- 9:07 p.m.
Evergrande sells off $575mn project to state-owned firms – shares tank
China Evergrande Group will sell land-use and building rights worth $575mn to Zhejiang Construction and Zhejiang Real Estate, which covers a debt of $145mn to the two state-owned entities.
Evergrande has also set up an independent inquiry to investigate how banks were able to seize $2.1bn of deposits that had been pledged as security for third-party guarantees.
The move comes as shares in China Evergrande New Energy Vehicle Group, which only resumed trading Wednesday after being suspended for over a week, plummeted 14.5%.
