(Filing) Shares of embattled Chinese developer Evergrande fell about 5.7% on Thursday after news that it will sell its remaining stake of $273 million in HengTen Networks.
The sale of the HengTen stake aims to raise capital as the company battles a debt crisis. Evergrande will recover 20% or $54.6 million in five business days and the rest in about two months.
The company will sell the 1.66 billion shares in HengTen to Allied Resources Investment Holdings. The transaction is about 18% of HengTen’s issued shares.
Although Evergrande has paid last-minute bonds and resumed construction on several projects, it faces looming defaults, with its liabilities running at more than $300 billion.
3333: HKG is down -5.71%.
