China Evergrande Moves HQ From Shenzhen to Guangzhou

Embattled property firm China Evergrande Group has reportedly relocated from its headquarters in Shenzhen to Guangzhou.

Chinese media outlet The Paper reported on Monday that the company had moved out of its headquarters — the Excellence Center building in Shenzhen — last month, citing people familiar with the matter.

Evergrande’s logo on one side of the building had already been partially removed on Monday afternoon.

Sources also said that Evergrande moved out of the Excellence Center building, which is owned by another company, as a cost-saving measure and had relocated to one of its own properties in Shenzhen.

Most of the firm’s staff, however, have moved to work in Guangzhou.

The Shenzhen building had seen chaotic protests from investors demanding the company to repay its loans. Evergrande, the world’s most indebted developer, is struggling to pay over $300 billion in debt and has missed bond interest payments in the recent months.

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