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Bloomberg
China Evergrande Group, once the country’s most-indebted developer, raised $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.
Evergrande shares have risen more than 480 percent this year, thanks to its efforts to reduce debt. Other contributing factors include a planned backdoor listing of Hengda’s assets in China and a series of buybacks the company undertook to fight off short-sellers.