Reuters first to report Evergrande’s $1.7 bln Hong Kong HQ sale flops; CEO in Hong Kong for restructuring, asset sale talks

Reuters was first to report that Chinese state-owned Yuexiu Property has pulled out of a proposed $1.7 billion deal to buy China Evergrande Group’s Hong Kong headquarters building over worries about the developer’s dire financial situation. The collapse of the talks for the landmark building’s sale is another setback for cash-strapped Evergrande which has been scrambling to divest some assets to repay creditors knocking on its doors. Reuters also broke the news that Evergrande’s chief executive is holding talks in Hong Kong with investment banks and creditors over a possible restructuring and asset sales.