Evergrande has raised Rmb10bn ($1.5bn) by selling part of its stake in a bank to a state-owned investment group, as the heavily indebted Chinese property developer battles for survival amid mounting pressure over bond repayment deadlines.
The company said on Wednesday it had sold a 20 per cent stake in Shengjing Bank, based in the northern city of Shenyang, to Shenyang Shengjing Finance Investment Group, which is owned by local authorities.
Evergrande will retain a 15 per cent stake in Shengjing Bank, which is “demanding” that the net proceeds from the sale be used to settle liabilities the group owes to it, according to a regulatory filing.
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