China Evergrande moves headquarters from Shenzhen to Guangzhou -report -Breaking
SHENZHEN (China) – China Evergrande Group, a cash-starved property company, has relocated its Shenzhen headquarters to Guangzhou. According to Chinese media outlets The Paper and people who were familiar with the situation,
Monday afternoon the company logo was partially removed from one side. The building was surrounded by security personnel who kept an eye on the situation. Many of the guards stated that the company had moved out last month.
Evergrande has not yet responded to my request for comment.
The scene of chaos in Shenzhen was last September when investors crowd its lobby demanding repayment of their loans. [L1N2QF0M1]
Sources told Reuters that the Guangzhou government sent a team of workers to Evergrande last year.
According to sources, lawsuits from China against the company are also being dealt with by the Guangdong provincial capital, Shenzhen.
Evergrande was started in Guangzhou. It moved to Shenzhen just in 2017.
It is the world’s largest developer and has over $300 billion of liabilities. This includes nearly $20 billion worth offshore bonds, which were deemed cross-defaulted by rating agencies after missed payments.
On Tuesday, protests started at Guangzhou office. About 100 investors were involved in financial products offered by the company. They gathered to share their fears about receiving their money back. [L1N2TK0DR]
According to 10 protesters, small crowds have continued gathering around the site ever since.
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