China Evergrande says its interests in land in Hong Kong sold for $637 million

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The proceeds will be used to repay some of the company’s financial obligations in relation to the project and a loss of about $770 million is expected to be recorded in respect of the project, the Chinese property developer said in a filing to the Hong Kong bourse.

Saddled with more than $300 billion in total liabilities, the defaulted Chinese property developer has already seen many of its assets, both in mainland China and Hong Kong, seized by creditors.