Evergrande announced via a filing that it has agreed to sell stakes in its internet unit for a total of HK$3.25bn ($418mn) to ease funding pressure. The developer will sell 7% of Hong Kong-listed HengTen Networks Group Ltd at HK$3.20 a share to Tencent and a 4% stake in the company to an unidentified buyer for HK$1.18bn ($152mn). Before the transaction, Evergrande had a 37.55% stake in HengTen, while Tencent held 16.9%. Separately, dollar bonds of peers Kaisa, Yuzhou and R&F Properties continued to fall over 3% as spillover effects from Evergrande continue.
Evergrande to Sell Stakes in Internet Unit for $418mn
