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Evergrande suffers blow as US$1.7 billion sale of Hong Kong HQ falls through


China Evergrande has failed to sell its single largest asset to state-backed Yuexiu Property, Reuters reported, a huge blow to the debt-stricken developer’s frantic efforts to raise the funds it needs to survive.Guangzhou government-backed Yuexiu Property dropped a proposed US$1.7 billion offer to buy Evergrande’s 26-storey office tower in Wan Chai. Reuters cited two sources saying Yuexiu’s board had opposed the move over worries that Evergrande’s unresolved indebtedness would create potential…

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