Already falling, China Evergrande Group was hit by a ladder when it had to appoint a receiver to seize its headquarters in Hong Kong.
According to sources from China, Evergrande has previously tried several times to sell its 26-storey headquarters building to raise funds to pay off debts.
It is understood that the sale of the assets could generate $1.7 billion, which could be used to pay off the company's overall debt of $300 billion, but no agreement was reached.
This is because during the attempted sale in July, 3 bidders had offered a price below $.127 billion which the company considered unacceptable as it was far from the true value.
Returning to the original story, according to the source, the investors have appointed China Citic Bank to lead the collateralization of the Evergande Hong Kong building.
So far, Evergrande and Citic Bank have refused to give any further statements about the seizure of the headquarters building.
It should be noted that Evergrande is currently under pressure to pay off on-shore and off-shore debts, thus forcing the intervention of the Chinese government.
Among the latest is that the Chinese government has forced Evergrande to sell a large amount of its stake in Shengjing Bank Co to pay off debt, which has also affected Beijing's economy.
