×
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT

China Evergrande to transfer $1.5 billion stake in Shengjing Bank to state firm

Beijing is prodding government-owned firms and state-backed property developers to purchase some of embattled China Evergrande Group's assets
Last Updated : 29 September 2021, 02:23 IST
Last Updated : 29 September 2021, 02:23 IST

Follow Us :

Comments

Debt-laden China Evergrande Group said on Wednesday it planned to transfer 1.75 billion shares of Shengjing Bank Co Ltd for 9.99 billion yuan ($1.5 billion).

The shares, representing 19.93% of the issued share capital of the bank, will be transferred for 5.70 yuan apiece to Shenyang Shengjing Finance Investment Group Co Ltd, a state-owned enterprise involving in capital and asset management, China Evergrande said in a filing to the Hong Kong bourse.

Beijing is prodding government-owned firms and state-backed property developers to purchase some of embattled China Evergrande Group's assets as the company teeters on the brink of collapse, people with knowledge of the matter told Reuters this week.

ADVERTISEMENT
Published 29 September 2021, 02:23 IST

Deccan Herald is on WhatsApp Channels | Join now for Breaking News & Editor's Picks

Follow us on :

Follow Us

ADVERTISEMENT
ADVERTISEMENT