China Evergrande Group will transfer its 10 percent interest in Evergrande Daishan Garden a residential project in Chongqing. Now its racing to restructure.
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China Evergrande Group which has an estimated US 300 billion in liabilities sold off stakes in four real estate projects for RMB 195 billion.
. Trading was also halted. The disposals will ensure the normal operation of the project companies. Share of embattled property developer China Evergrande Group were suspended from trading on Monday Mar 21 a filing from the Hong Kong stock exchange showed.
China Evergrande Groups plan for a HK4 billion mansion likened to the Palace of Versailles in Yuen Long near Hong Kongs border with Shenzhen. Once one of Chinas most successful developers Evergrande has been labeled a defaulter and is more than 300 billion in debt.
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