A plot of land in Shenzhen, with the initial purpose to build a Evergrande headquarters, was put up for auction at a starting price of 7.5 billion yuan ($1.06 billion). 

According to Reuters, the 10,000 square meter land plot auction will take place between Nov 21 and 26. The news outlet said that the construction at the site had been suspended since September 2021.

This is not the first property Evergrande put on sale to creditors to fulfill its financial obligations. The real estate giant was forced to liquidate many others.

Earlier this month, the firm announced that its court-appointed receivers sold a plot of undeveloped land for residential development in Yuen Long district in Hong Kong for $637 million.

The Mansion of its chairman in Hong Kong’s prestigious The Peak neighborhood was seized at the same time.

In addition, lenders also seized its headquarters buildings in Hong Kong in September. 

Not just from domestic creditors, Evergrande also faced pressure from overseas lenders who have used winding-up petitions from courts to force the firm to pay its debts.

Evergrande is the world’s most indebted firm. It failed to release the restructuring proposal for its $300 billion debt in late July.

Last month, credit rating agency Moody’s withdrew its rating due to insufficient information. In June, another credit rating agency, Fitch Ratings, also withdrew its ratings on Evergrande because the developer failed to participate in the process.

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