Two sources with knowledge of the situation said on Tuesday that a tender for the sale of the troubled China Evergrande Group’s (3333.HK) headquarters in Hong Kong has once more expired because the offer prices and terms weren’t sufficient.
The China Evergrande Centre office tower’s lenders appointed a receiver in September to seize the asset and put it up for auction with a bid deadline of October 31. The office tower is valued at between HK$8 billion and HK$9 billion ($1.02 billion and $1.15 billion).
Evergrande, which is at the centre of China’s historic real estate crisis and is burdened with liabilities totaling more than $300 billion, was trying to sell the 27-story tower before it was taken over in order to raise money.
The tower had been pledged as collateral for a loan from lenders totaling HK$7.6 billion, with the Hong Kong subsidiary of China Citic Bank Corp.
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