China Evergrande secured funding from state firms, its property services unit seeks to raise up to $2 billion in Hong Kong IPO

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China Evergrande Group, the country's most indebted real estate developer, has secured funding from two local government-backed companies, and successfully converted 97 per cent of $19.8 billion investment into its unit into common share so that investors will forbear from demanding repurchases.

Concerns have mounted in recent days that the country’s second-biggest property developer was headed for a major cash crush if it could not get government approval for a restructuring plan for its unit Hengda Real Estate, that has languished for four years.

In September, a leaked document circulating . . .

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