China Evergrande is moving its headquarters from Shenzhen to Guangzhou – a Reuters report


© Reuters. PHOTOGRAPHY: Partially removed logo of China Evergrande Group is visible on the facade of its headquarters in Shenzhen, Guangdong Province, China, January 10, 2022. REUTERS / David Kirton

SHENZHEN, China (Reuters) – China-based real estate company Evergrande Group has left its headquarters in Shenzhen and moved to nearby Guangzhou, China’s The Paper reported on Monday, citing people familiar with the matter.

On Monday afternoon, the company logo was partially removed from one side of the building. Security personnel, accompanied by insurance vehicles, kept watch, and several said the company left the building last month.

Evergrande did not immediately respond to a request for comment.

Last September, a building in Shenzhen was the scene of chaotic protests when investors gathered in the lobby demanding repayment of loans and financial products. [L1N2QF0M1]

Last year, the Guangzhou government sent a working team to Evergrande, sources told Reuters.

Sources also said that lawsuits against the company from all over China are being conducted by a court in the city, which is the capital of Guangdong Province, where Shenzhen is also located.

Evergrande was founded in Guangzhou, and moved to Shenzhen only in 2017.

The world’s most indebted developer, has more than $ 300 billion in liabilities, including nearly $ 20 billion in offshore bonds that rating agencies assessed last month as outstanding after failing to pay.

Protests also began last Tuesday at offices in Guangzhou, and about 100 investors in financial products issued by the company gathered to express concerns about the refund. [L1N2TK0DR]

Small crowds of protesters have continued to gather near the site since then, 10 protesters told Reuters.

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