Creditors of the world’s most indebted property company China Evergrande sold a Hong Kong plot intended for the construction of a Versailles-inspired mansion, forcing the Chinese developer to take a $770mn loss on one of its most significant assets in the city.
Evergrande said receivers of the 2.2mn sq ft “Project Castle” plot, which was taken over by Oaktree in January, sold it for about $637mn to repay debts connected to the project, according to a Sunday filing to the Hong Kong stock exchange.
Oaktree, the Los Angeles-based asset manager, had seized control of the plot and appointed a receiver after the Chinese developer defaulted on a loan against which it had security. Oaktree declined to comment.
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