(Reuters) – China Evergrande Group said on Sunday its interests in a plot of undeveloped land for residential development in Hong Kong’s Yuen Long district have been sold by its receivers for $636.94 million.
The proceeds will be used to repay some of the company’s financial obligations in relation to the project and a loss of about $770 million is expected to be recorded in respect of the project, the Chinese property developer said in a filing to the Hong Kong bourse.
Saddled with more than $300 billion in total liabilities, the defaulted Chinese property developer has already seen many of its assets, both in mainland China and Hong Kong, seized by creditors.
(Reporting by Donny Kwok; Editing by Hugh Lawson)