China Evergrande Group said on Monday its unit has entered into a deal to sell a piece of commercial land in Shenzhen for RMB 7.54 billion ($1.05 billion), as the embattled property developer looks to shave off its massive debt, reports Reuters.
Evergrande, which has about $300 billion in liabilities, has been at the centre of a deepening property debt crisis in China that has seen multiple developers defaulting on their offshore debt obligations over the past year, prompting many to consider debt restructuring.
The company said it will sell the land to Shenzhen Anhe No. 1 Property Development, a unit of Shenzhen Anju Construction Investment and Operation. Real-estate firm China Vanke holds a 20% stake in Shenzhen Anju.