Evergrande to Raise $1.5 Billion by Selling Bank Stake to State-Owned Asset Management Firm

Scrambling to avoid defaulting on its debts, cash-strapped China Evergrande Group on Wednesday announced it would sell off a 9.99 billion yuan ($1.5 billion) stake in Shengjing Bank to Shenyang Shengjing Finance Investment Group, at 5.70 yuan per share. Those shares amount to 19.93% of the issued share capital of the bank.

Evergrande acquired its 36.4% s…