Property developer CK Asset Holdings has confirmed a bid for Chinese real estate giant Evergrande Group’s 26-story 345,000 sqft headquarters in Hong Kong. Last year, the group was looking to sell the building for $1.7bn to Chinese state-owned Yuexiu Property that fell through due to concerns about the developers dire financial situation. According to the Financial Times, the current deal with CK Asset Holdings is expected to yield a lower figure closer to $1.15bn. These funds will be used to repay offshore creditors as part of a debt restructuring plan, which will be announced by July 31 as per sources. Its bonds due in 2023 have fallen by more than 80% in the past year, now trading at ~5-8 cents on the dollar.
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