China Evergrande has failed to sell its single largest asset to state-backed Yuexiu Property, Reuters reported, a huge blow to the debt-stricken developer’s frantic efforts to raise the funds it needs to survive.Guangzhou government-backed Yuexiu Property dropped a proposed US$1.7 billion offer to buy Evergrande’s 26-storey office tower in Wan Chai. Reuters cited two sources saying Yuexiu’s board had opposed the move over worries that Evergrande’s unresolved indebtedness would create potential…
Source : South China Morning Post
Read more…Debt-stricken China Evergrande suffers huge blow as US.7 billion deal to sell its Hong Kong headquarters collapses
