Deals
China's Evergrande Reduces Debt With $9 Billion Stake Sale
- Suning among those to buy stake in Evergrande’s property unit
- Evergrande has sold total $19.6 billion of shares in that unit
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China Evergrande Group, once the country’s most-indebted developer, raised 60 billion yuan ($9 billion) from selling a stake in a property unit to further reduce its leverage.
The sale will cut Evergrande’s stake in Hengda Real Estate to 63.5 percent from 73.9 percent, the company said in a filing to Hong Kong’s stock exchange on Monday. This is the third time Evergrande has reduced holdings in the unit, having previously sold 70 billion yuan of its shares.