China Evergrande moves headquarters from Shenzhen to Guangzhou – report



A partially removed company logo of the China Evergrande Group can be seen on the facade of its head office in Shenzhen, Guangdong province, China on January 10, 2022. REUTERS / David Kirton

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SHENZHEN, China, Jan. 10 (Reuters) – Cash-strapped real estate company China Evergrande Group (3333.HK) has moved from what used to be its headquarters in the city of Shenzhen and moved to nearby Guangzhou, Chinese media The Paper reported on Monday, citing people familiar with the matter.

As of Monday afternoon, the company logo had been partially removed from one side of the building. Security guards, accompanied by security vehicles, stood guard, and several of them said the company left the building last month.

Evergrande did not immediately respond to a request for comment.

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In September, the Shenzhen building was the scene of chaotic protests when investors stormed its lobby to demand repayment of loans and financial products. L1N2QF0M1

The Guangzhou government last year sent a task force to Evergrande, sources told Reuters.

Sources also said that lawsuits against the company across China are being processed by a court in the city, which is the capital of Guangdong province, where Shenzhen is also located.

Evergrande was founded in Guangzhou and only moved to Shenzhen in 2017.

The world’s most indebted developer, it has more than $ 300 billion in liabilities, including nearly $ 20 billion in offshore bonds deemed to be in cross-default by rating agencies last month after missing payments.

Protests also began at offices in Guangzhou last Tuesday, with around 100 investors in financial products issued by the company meeting to voice concerns over their money being returned. L1N2TK0DR

Small crowds of protesters have continued to gather near the site ever since, 10 protesters told Reuters.

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Report by David Kirton in Shenzhen; additional reporting by Clare Jim in Hong Kong; edited by Tony Munroe and Jason Neely

Our Standards: Thomson Reuters Trust Principles.



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