A branch of Shengjing Bank in Shanghai on 31 October 2011. Photo Imaginechina.
A branch of Shengjing Bank in Shanghai on 31 October 2011. Photo Imaginechina.

Evergrande pares Shengjing Bank stake for US$1.55 billion as distressed developer buys more time to repay bondholders

  • Evergrande agreed to sell 19.93 per cent of Shengjing Bank for just under 10 billion yuan to help trim US$305 billion of liabilities
  • Developer will not receive any cash from the sale, as the proceeds will be used to pay the developer’s debt owed to Shengjing Bank

A branch of Shengjing Bank in Shanghai on 31 October 2011. Photo Imaginechina.
A branch of Shengjing Bank in Shanghai on 31 October 2011. Photo Imaginechina.
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