Debt-wracked property firm China Evergrande Group has moved its headquarters from Shenzhen back to Guangzhou, at a time when the company is struggling to repay billions in liabilities. The company has terminated a lease contract with the building in Shenzhen where its headquarters was located, and its logo has also been removed from the building. The move marks Evergrande’s return to Guangzhou five years after it moved to Shenzhen. Evergrande purchased a plot of land in Shenzhen of about 10,376 square meters in 2017 for a period of 30 years. In June 2017, it changed its registered location to a building in Shenzhen's Nanshan district with registered capital of CNY3.38 billion.
The Shenzhen headquarters building was also the site of chaotic protests last September, when investors crowded into its lobby demanding repayment of loans and financial products from the company. The Chinese real estate firm has fallen into severe financial difficulties. It is struggling to repay more than USD300 billion in liabilities, and it missed payments on nearly USD20 billion of offshore bonds last month. Evergrande said it has moved out of Shenzhen's Excellence Center, which is owned by another company, to a building that Evergrande owns in the city. The company’s registration address has not changed, the Global Times reports.
