China Evergrande has sold a $420m stake in a Hong Kong-listed internet business as the highly indebted property developer offloads assets in a bid to stave off financial pressures.
The company said on Monday that it had sold a 7 per cent stake in HengTen Networks Group, of which it owned 38 per cent, to a unit of Chinese technology group Tencent for HK$2.1bn (US$270m). A further 4 per cent was sold to an unidentified buyer for HK$1.2bn.
Evergrande has been shedding assets as it faces pressure from both the Chinese government and investors over its debt levels. A flurry of recent issues related to its access to financing has crushed the value of its shares and bonds and raised deeper fears over the property group’s financial health.
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