Evergrande Exits Shengjing Bank in $1.05 Billion Forced Sale

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).