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Evergrande seals billion sale

The ailing real estate group China Evergrande managed to sell a huge plot of land in Shenzhen for 1 billion US dollars (7.5 billion yuan). The land, which covers more than 10,000 square meters in the western Nanshan district, had once been reserved for the construction of the company’s headquarters in Shenzhen. The buyer is a trust subsidiary of Shanghai-listed Industrial Bank Co, according to Bloomberg. The sale is part of a series of asset transfers by the company.

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