Embattled property developer China Evergrande Group is selling part of its stake in Shengjing Bank in northeastern China to raise nearly 10 billion yuan. The homebuilders is said to have asked for more time to service a second offshore bond in as many weeks amid a cash squeeze.
The developer signed an agreement to sell 19.93 per cent of Shengjing Bank for just under 10 billion yuan ($1.55 billion) to a state-owned company Shenyang Shengjing Finance Investment Group, according to a filing to the Hong Kong Stock Exchange on Wednesday.
The sale . . .
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