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China Evergrande pares Shengjing Bank stake for US$1. 55 billion as distressed developer attempts to unshackle itself from US$305 billion in liabilities

Published Sep 29 2021 at 1:05 AM GMT
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  • China Evergrande Group, faced with a second offshore bond payment in as many weeks, said it would sell part of its stake in a bank in north-eastern China to raise capital and unshackle itself from US$305 billion of liabilities.
  • The Shenzhen-based developer signed an agreement to sell 19.93 per cent of Shengjing Bank for just under 10 billion yuan (US$1.
  • 55 billion) to Shenyang Shengjing Finance Investment Group, according to a Hong Kong exchange filing on Wednesday.




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  • Published Sep 29, 2021 1:05 AM GMT