URGENT: China Evergrande to sell shares in regional bank for 9.9 bil. yuan

Politics Economy

Debt-laden property developer China Evergrande Group said Wednesday it will sell 1.75 billion non-publicly traded domestic shares in Shengjing Bank, a regional bank, for 9.99 billion yuan ($1.5 billion). The stock sale by Evergrande, which has been facing default risk, is aimed at meeting its financial obligations as its liabilities have swelled to around 2 trillion yuan. With concern that Evergrande's woes could spark an incident comparable to the 2008 global financial crisis triggered by the collapse of U.S. securities firm Lehman Brothers Holdings Inc., many investors worldwide have recentl...

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