China Evergrande Group announced on Tuesday, March 29, that it plans to sell its Crystal City Project to two state-owned enterprises for $575 million. The purchasers will pay within 20 months after the land parcel has been registered under their names.

According to a filing to the Hong Kong Stock Exchange, the two purchasers are Zhejiang Zhejian Real Estate Group Co. Ltd. and Zhejiang Construction Engineering Group Co., Ltd.

According to the South China Morning Post, the world’s most indebted developer keeps struggling as banks close in to seize its deposits. The Crystal City project is the country’s second-largest real estate portfolio, which Evergrande had to dispose of due to liquidity issues.

The Crystal City project did not create any income in the past two years. As of December 31, 2021, its net asset value was around $424 million.

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