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Another Evergrande asset sold – this time a luxury superyacht

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China property crisis: Evergrande sold yacht this year, say sources, as creditors sharpen focus on offshore assets

Evergrande sold the 60-metre superyacht Event for US$32 million as part of a process to sell down noncore assets, two sources saidEvent was delivered in 2013 and was given the World Superyacht Award the following year, according to its Dutch manufacturer AmelsChina Evergrande GroupReutersPublished: 4:43pm, 29 Sep, 2023Why you can trust SCMP

China Evergrande Group sold its luxury superyacht for about US$32 million earlier this year, said two sources, further shrinking the developer’s offshore assets as its cash crunch worsened and it scrambled to pull together a debt revamp plan.

Evergrande’s offshore bondholders are expected to sharpen their focus on offshore assets as the developer’s debt restructuring plan flounders with the founder now being investigated over suspected “illegal crimes”.

The debt restructuring process was further complicated this week after Evergrande said it was unable to issue new debt due to an investigation into its main China unit. Analysts have said delays to the debt restructuring raise the risk of the company being liquidated.

Evergrande sold the 60-metre (197 foot) superyacht Event for €30 million (US$32 million) as part of a process to sell down noncore assets, said the two sources with knowledge of the matter, declining to be named as the information is not public yet.

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A third source with knowledge of the matter confirmed the sale of the yacht.

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