Saturday, March 25, 2023

Indebted China Evergrande to raise $2.2 billion from Xinjiang Guanghui stake sale By Reuters


© Reuters.

HONG KONG (Reuters) – Debt-strapped China Evergrande will raise 14.9 billion yuan ($2.23 billion) by selling a 40.96% stake in Xinjiang Guanghui Industry Investment Group to Shenergy Co (SS:), a Xinjiang Guanghui subsidiary said on Sunday.

China Evergrande, the country’s most indebted property developer, will sell all the Guanghui stakes it had acquired for 14.49 billion yuan in 2018, according to a Guanghui Energy Co (SS:) disclosure.

Shenergy, a Shanghai-based power utility, will become the second-biggest shareholder of Xinjiang Guanghui, it said.

Evergrande, which owed 835.5 billion yuan ($125 billion) at the end of June, has been looking to raise cash from small banks and private trusts at high rates to fund developments, as proposed limits to the permitted size of real estate debt stymie big-bank lending.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Source link


Please enter your comment!
Please enter your name here



Related Stories