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Evergrande has sold 2 of its private jets for over $50 million in bid to control huge debts, report

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A Gulfstream jet similar to the ones reportedly sold by Evergrande.
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  • Evergrande sold two of its private Gulfstream jets in October, sources told The Wall Street Journal.
  • One jet was sold for under $40 million and the second was sold for around $15 million, as per the WSJ.
  • The reported sales happened the same month Evergrande made two bond-interest payments.
  • For more stories go to www.BusinessInsider.co.za.

Struggling Chinese property developer Evergrande sold two of its private jets for more than $50 million in October amid its struggles to control its huge debts, The Wall Street Journal reported on Friday.

The two Gulfstream jets were bought by American aircraft investors, The Journal said, citing people familiar with the matter and a business aviation database.

Evergrande's debt pile is $300 billion and the company faces a series of imminent bond payments, Insider's Lina Batarags reported on Monday. Analysts have warned that a collapse of Evergrande would harm the global economy.

Sales of the two jets closed in October, around the time Evergrande made two last-minute bond-interest payments of $83.5 million and $45.2 million, The Journal reported.

One of the jets was sold to Earth Air, an aviation investor, for close to $40 million, and the second was purchased by Aviation Sales Associates for around $15 million, The Journal reported.

Earth Air President Alex Joya told The Journal the company bought the jet but said he couldn't disclose details. A representative from Aviation Sales Associates declined to comment to The Journal.

Before the sales, Evergrande owned at least four jets, The Journal said.

Evergrande didn't immediately respond to Insider's request for comment.

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