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China Evergrande has cancelled the renovation of its headquarters in central 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 logo of the embattled real estate developer was removed on Monday from its former headquarters at excellence Houhai Financial Center, Reuters reported at the site. The workers’ and cars’ security corps stood guard, the news agency added.

Once China’s second largest developer in terms of sales, Evergrande is suffering with $300 billion in debt and is in default, to S

Evergrande gave main points about its new headquarters.

Last September, desperate investors protested at the gates of their former headquarters, not easy to return their money.