Evergrande has sold a plot of land in Shenzhen for RMB 7.5bn ($1bn) after being put on sale in mid-November. The land was initially reserved to build its Shenzhen headquarters but there had been no development there since September 2021. With a restructuring proposal planned as early as the first week of December, the land sale would see the developer breathe a sigh of relief as it tries to further step up asset sales.

Evergrande’s dollar bonds were trading flat at ~6 cents on the dollar.

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