China Evergrande has moved out of its headquarters in downtown Shenzhen.
David Kirton/Reuters
  • Evergrande said it moved its headquarters from rental offices to a place it owns in order to cut costs.
  • The Chinese real estate giant is grappling with a $300 billion debt pile.
  • Evergrande's logo was being removed at the Excellence Houhai Financial Center on Monday.
  • For more stories go to www.BusinessInsider.co.za.

China Evergrande has cancelled its lease on its office headquarters in downtown Shenzhen to save on rent.

The company said it moved to another building it owns in the same city last month, according to a statement on its website.

The embattled real estate developer's logo was being removed from its previous headquarters at the Excellence Houhai Financial Center on Monday, Reuters reported on-site. Security personnel and vehicles kept watch, the news agency added.

Once China's second-largest developer by sales, Evergrande is grappling with a $300 billion debt pile and is in default, according to S&P Global and Fitch Ratings. The Chinese government has stepped in to help with its restructuring.

Evergrande did not give details of its new headquarters.

Last September, desperate investors protested at its former headquarters, demanding their money back.

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