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China debt crunch

China Evergrande crisis deepens as lender seizes headquarters

Indebted property developer defaulted on loan and failed to sell Hong Kong site

China Evergrande Centre, a 26-story tower near the city center of Hong Kong island, is valued at $1.2 billion.   © Reuters

HONG KONG (Financial Times) -- Evergrande's Hong Kong headquarters has been seized by a lender after the struggling Chinese property developer defaulted on a loan and twice failed to sell the building, according to four people with knowledge of the matter.

The lender, whose identity has not yet been confirmed, informed Evergrande earlier this week that it had appointed a receiver to take charge of the property, which is valued at $1.2 billion, and force a sale, the people said.

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