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China debt crunch

Debt-hit Evergrande's 'Versailles Mansion' plot sold in Hong Kong

Creditors are seizing assets of the troubled Chinese property developer

The China Evergrande Centre in Hong Kong has been put up for sale to help settle the developer's huge debts.    © Reuters

HONG KONG -- China Evergrande's creditors have sold off a plot of land in Hong Kong where the debt-swamped property developer had planned to build a Versailles Palace-like mansion.

The 2.2 million-square-foot (204,000 sq. meters) parcel in the financial hub's New Territories, dubbed "Project Castle," was unloaded for some $636.9 million to pay off debts linked to the site, the company said in a filing to the Hong Kong Stock Exchange on Sunday.

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