Business World

Evergrande: Troubled Chinese real-estate giant to raise $1.5 billion by selling stake in commercial bank

Chinese property giant Evergrande is selling a $1.5 billion stake it owns in a commercial bank, as it scrambles to raise money owed to customers, investors and suppliers. The almost 20% stake in Shengjing Bank is being bought by a state-owned asset management company. It comes after Evergrande missed a bond interest payment last week. […]