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Evergrande to sell Shengjing Bank stake to raise US$ 1.55 bil.
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China's debt-ridden real estate giant, Evergrande, will raise over one-and-a-half billion U.S. dollars by offloading part of Shengjing Bank... in an attempt to meet its enormous financial obligations.
Evergrande says it will sell a 19-point-93 percent stake in the bank it runs... to a state-owned enterprise.
The company admits its liquidity crunch had adversely affected the bank... and selling part of it will stabilize the bank's operations.
Evergrande has another 45 million dollar bond interest payment due Wednesday, but it remains to be seen if the firm has the funds at hand.
#Evergrande #Economy #China
2021-09-29 12:00 (KST)
China's debt-ridden real estate giant, Evergrande, will raise over one-and-a-half billion U.S. dollars by offloading part of Shengjing Bank... in an attempt to meet its enormous financial obligations.
Evergrande says it will sell a 19-point-93 percent stake in the bank it runs... to a state-owned enterprise.
The company admits its liquidity crunch had adversely affected the bank... and selling part of it will stabilize the bank's operations.
Evergrande has another 45 million dollar bond interest payment due Wednesday, but it remains to be seen if the firm has the funds at hand.
#Evergrande #Economy #China
2021-09-29 12:00 (KST)
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