Debt-ridden China Evergrande Group will sell a stake in a Shenzhen-listed developer in a deal approximated at $400 million due to concerns about the company’s financial state, reported Caixin.
According to a Calxon filing on Tuesday about the deal, Guangzhou Chiron Real Estate, a subsidiary of Evergrande, would transfer a 29.9% stake in China Calxon Group to private equity company Shenzhen Huajian Holding. Huajian would be the controlling shareholder in Calxon under the deal.
The cost of the transfer is estimated around RMB 2.5 billion ($388 million) based on the closing prices of Calxon’s stocks on Friday.
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