Embattled China Developers Rush to Raise $2 Billion in a Day
- Evergrande agrees to sell HengTen stake for $273 million
- Property firms are seeking funds to weather a cash crunch
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The scramble for cash by Chinese property companies is intensifying as the industry looks for ways to alleviate a historic liquidity squeeze.
Firms announced plans to raise $2.4 billion in just the past 24 hours, taking the total over the last week to at least $4.2 billion, according to Bloomberg calculations. The latest fundraising includes China Evergrande Group’s stake divestment in HengTen Networks Group Ltd. and Country Garden Services Holdings Co.’s second share placement in six months, as well as onshore bond sales by two state-run developers.