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Evergrande shares slip after deal to raise $273 million in a business sale
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cnbc.comIn this article
BEIJING — Indebted property developer China Evergrande is set to raise about $273 million by selling its remaining shares in film production and streaming company HengTen Networks, according to a filing released ahead of the market open Thursday.
Shares of Evergrande fell more than 1% in morning trade Thursday. HengTen shares jumped 23%.
Evergrande, the largest issuer of U.S. dollar-denominated debt among Chinese real estate developers, has teetered on the edge of official default this year. The company has made 11th hour payments and resumed construction on apartments owed to buyers. But that's only a fraction of what the developer owes.
The sale of HengTen is Evergrande's latest effort to raise capital. The deal is worth
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