Caixin
Sep 08, 2022 04:46 AM
FINANCE

Evergrande Exits Shengjing Bank in $1.05 Billion Forced Sale

Evergrande started building its stake in Shengjing Bank in 2016 and became the controlling shareholder with as much as 36.4%.
Evergrande started building its stake in Shengjing Bank in 2016 and became the controlling shareholder with as much as 36.4%.

Debt-ridden China Evergrande Group sold its remaining stake in Shengjing Bank for $1.05 billion to repay a debt, bringing down the curtain on a controversial investment in a regional lender in northeastern China.

An Evergrande unit in Nanchang divested its remaining 1.28 billion shares or 14.57% of Shengjing Bank through a public auction on a platform operated by Alibaba Group, sales records for the site showed. The stake, with an estimated market value of 7.56 billion yuan, went for the asking price of 7.3 billion yuan ($1.05 billion).

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