China’s most indebted property developer Evergrande Group has agreed to sell stakes in its internet unit HengTen Networks Group worth a total of HK$3.25 billion ($418.2 million), an exchange filing showed on Sunday, reported Reuters.
Shares of Evergrande declined more than 2% in early trading on Monday on continued worries over its financial health, while HengTen jumped more than 30%. Shares of HengTen resumed trading on Monday after a suspension on Thursday.
To ease the pressure, Evergrande will sell a 7% stake at HK$3.20 per share to a unit of Tencent for HK$2.07 billion and a 4% stake to an unidentified buyer for HK$1.18 billion.