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China Evergrande moves from Shenzhen HQ building to cut costs Updated: 2022-01-11 05:21:20 KST

The heavily indebted property firm China Evergrande Group has moved out of its headquarters in Shenzhen to another property in the city, in order to cut costs.
The company issued a statement on Monday, after a Chinese media outlet reported that the company had moved its headquarters from Shenzhen to nearby Guangzhou.
The company says its has moved out of Shenzhen's Excellence Centre, a property owned by another company, to a building that Evergrande owns in the city.
No further details on the new set-up were provided.
Evergrande is the world's most indebted developer, currently struggling to repay more than 300 billion US dollars in liabilities, including nearly 20 billion dollars in offshore bonds deemed to be in cross-default by rating agencies last month, after it defaulted.
By Monday afternoon, the company's logo had been partially removed on one side of the Excellence Centre.
Evergrande was founded in Guangzhou, but moved to Shenzhen in 2017.
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