Evergrande: Struggling firm to raise $1.5bn as debt payment looms
Evergrande: Struggling firm to raise $1.5bn as debt payment looms
editor
Published September 29, 2021
Chinese property giant Evergrande has said it is selling a $1.5bn (£1.1bn) stake it owns in a commercial bank, as it scrambles to raise money owed to customers, investors and suppliers.
The almost 20% stake in state-owned Shengjing Bank is effectively being bought back by the bank.
It comes after Evergrande missed a bond interest payment last week.
The cash-strapped company also faces a deadline on Wednesday for another bond interest payment of $47.5m.
