Evergrande's Historic Canadian Hotel Forced to Sale
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A famous Canadian hotel owned by the troubled China Evergrande Group is now for sale. This action follows Evergrande's failure to make debt payments. A court has placed the property, the Fairmont Le Château Montebello in Quebec, into receivership.
The global accounting firm PricewaterhouseCoopers (PwC) will manage the sale. A court appointed PwC as the receiver to handle the process. The firm announced the sale this week in an online notice.
The hotel is a historic log-cabin resort known for hosting famous guests. These have included Princess Grace of Monaco and former British Prime Minister Margaret Thatcher.
Evergrande's default is the most significant collapse within China's property sector. The company's failure has led to the forced sale of its international assets, including this iconic hotel.