China Evergrande Group said on March 30 it will sell its Crystal City Project in the eastern city of Hangzhou for 3.66 billion yuan ($575 million) to two state-owned firms as the group’s liquidity issues dampen the progress of its projects.
The firm is selling the land-use and building ownership rights for the project, which is under construction, to Zhejiang Zhejian Real Estate Group and Zhejiang Construction Engineering Group, Evergrande said in a filing.
