Heavily indebted property firm China Evergrande Group has left what has been its headquarters in the city of Shenzhen and relocated to nearby Guangzhou, Chinese media outlet The Paper reported on Monday, citing people familiar with the matter.
A partially removed company logo of China Evergrande Group is seen on the facade of its headquarters in Shenzhen, Guangdong province, China January 10, 2022. REUTERS/David Kirtonhas left what has been its headquarters in the city of Shenzhen and relocated to nearby Guangzhou, Chinese media outlet The Paper reported on Monday, citing people familiar with the matter.
Another source familiar with the matter told Reuters that Evergrande has moved out of the Excellence Centre building in Shenzhen, which is owned by another company, as a cost-saving measure, and that it still retains a presence in the city on its own properties. The world's most indebted developer, Evergrande is struggling to repay more than $300 billion in liabilities including nearly $20 billion in offshore bonds deemed in cross-default by ratings agencies last month after it missed payments.On Monday afternoon, the company's logo had been partially removed on one side of the Excellence Centre. Security personnel, accompanied by security vehicles, kept watch, and several of them said that the company had left the building last month.