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Chinese Real Estate Giant Evergrande Moves Headquarters to Cut Costs

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Chinese real estate giant Evergrande has moved its headquarters to the Chinese city of Shenzhen to cut costs. The logo was also removed from the former office building on Monday.

 

The headquarters has been moved to a building that the group owns, but in the same city, it sounds.

In recent months, heavily indebted Evergrande has run into financial trouble. The group even requested a deferment of payment for part of its foreign debts. As a result, Evergrande’s share price has already lost nearly 90 percent.

The financial problems are affecting the entire Chinese real estate sector – which has experienced an unprecedented boom in recent years. Therefore, it is feared that the bankruptcy of Evergrande will hurt the entire economy.

In recent months, angry investors have repeatedly protested in front of Evergrande’s Shenzen headquarters.

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