Seeking to Raise Cash, Evergrande Offloads Remaining Stake in Video Streaming Firm

What’s new: China Evergrande Group has announced it is selling its remaining 18% stake in film and television streaming company HengTen Networks Group Ltd. for HK$2.13 billion ($273.2 million), in its latest move to dig itself out of debt.

The real estate developer agreed to sell around 1.66 billion HengTen shares to Allied Resources Investment Holdings Ltd. for HK$1.28 per share, according to a Hong Kong stock exchange filing released before the market opened Thursday. The figure represents a 24.2% discount to HengTen’s closing price on Wednesday.