Embattled property developer China Evergrande Group is selling the City Light Plaza project in the country’s eastern marine hub of Ningbo for 1.35 billion yuan ($200.54 million) to shore up its finances.
Saddled with more than $300 billion in liabilities, Evergrande has been struggling to repay suppliers, creditors and complete projects. State-owned enterprises have stepped in to help with the debt restructuring process and taken over some of its assets to quell market concerns about a disorderly collapse.
