Evergrande Plans Two IPOs in China OTC Market in Cash Hunt

Evergrande Real Estate Group Ltd., China’s fifth-largest developer, applied to list its Alibaba-backed soccer club and entertainment group in a bid to raise cash as its debts mount.

Evergrande plans to list Guangzhou Evergrande Taobao Football Club, which would become China’s first soccer stock, on the New Third Board, an over-the-counter market, the firm said in an exchange filing. It also applied to list Evergrande Culture Industry Group, which includes cinemas, music, film and television entertainment, on the same exchange, according to a separate filing.