Evergrande Group Cancels Lease of Shenzhen HQ Building

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(Source: SingSaver)

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Chinese media outlet The Paper reported on Monday that Evergrande Group has moved out of its headquarters building in Shenzhen, and that the building has removed branding that displays “Evergrande Group.”

According to informed sources, Evergrande Group cancelled the lease of this building in December 2021, and transferred most staff in local departments back to Guangzhou.

In response, an individual close to the firm said that for saving costs, Evergrande Real Estate Group underwent rental withdrawal procedures in December 2021 and moved to its own property in Shenzhen. According to the registration information of commercial entities to the Shenzhen Administration for Market Regulation, the Evergrande Real Estate Group remains registered in Shenzhen.

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Evergrande Group officially moved its headquarters from Guangzhou to Shenzhen in mid-2017, and increased its registered capital from 2.878 billion yuan to 3.383 billion yuan. At that time, the company’s Shenzhen Bay Super Headquarters Base was located in the Hongshuwan Mansion Area, Shenzhen – the city’s central area. Its headquarters occupy a total area of 117.4 hectares, and the total construction area reaches 4.5 million to 5.5 million square meters.