China Evergrande Group on Monday said it will sell 10% of its online real estate and automobile marketplace, Fangchebao (FCB), to 17 investors for HK$16.35 billion ($2.10 billion), in a fundraising ahead of the unit’s initial public offering (IPO), reported Reuters.
FCB, with a pre-financing valuation of over RMB 150 billion ($22.92 billion), could list on the Nasdaq or other suitable stock exchange, Evergrande said in a bourse filing.
The country’s most indebted developer has said it would spin off several units to lower its debt amid tighter industry regulation and investor concern about its cash flow.
Its interest-bearing debt was about $110 billion at year-end.