Evergrande’s Hong Kong headquarters has been seized by a lender after the struggling Chinese property developer defaulted on a loan and twice failed to sell the building, according to four people with knowledge of the matter.
The lender, whose identity has not yet been confirmed, informed Evergrande earlier this week that it had appointed a receiver to take charge of the property that is valued at $1.2bn and force a sale, the people said.
They added that the lender had security over the China Evergrande Centre — a 26-storey tower near the city centre of Hong Kong island — which allowed it to take charge of the asset.
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