Everbright Trust and Minmetals Trust completed the acquisition of four development projects from Evergrande for $337m.

Everbright Trust, a financial holding company, and Minmetals Trust, a provider of capital trust, movable property trust, real estate trust and securities trust, completed the acquisition of four development projects from Evergrande, an integrated residential property developer, for $337m. Evergrande sold a residential development in Chongqing and Dongguan as well as housing project in Foshan and a theme park development in Guangzhou. The trust firms will be responsible for the construction and the delivery of properties to homebuyers, and any surplus from property sales will be used to repay the initial capital contributed by Evergrande. “The contribution amount recovered will have a positive impact on the group’s efforts in both debt settlement and guarantee of property delivery of other projects,” Evergrande.