China Evergrande sells four Mainland projects to paydown debt

China Evergrande has sold off its remaining stakes in four real estate projects to state-controlled companies.

With the sales the firm can recover part of the initial capital contribution made to the projects of approximately RMB1.95 billion ($310 million) and settle liabilities concerning the projects of approximately RMB7.01 billion ($1.11 billion). The contribution amount recovered will have a positive impact on the group’s efforts in both debt settlement and guarantee of property delivery of other projects.

China Evergrande sold its 10 percent interest in Evergrande Daishan Garden, a residential project in Chongqing, and its 9.87 percent interest in Dongguan Evergrande Yuelong Terrace, a residential project in the Guangdong provincial city of Dongguan, to Chinese state-owned China Everbright Trust.

Minmetals Trust, held by state-controlled Minmetals Capital, the state-owned Assets Supervision and Administration Commission of Qinghai province and the Indust