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CHINA EVERGRANDE UNIT WILL SELL ENTIRE STAKE IN ASSET TO CUT DEBT




One of China Evergrande's units made a deal to sell its entire stake in Shantou Hengmeng Property Development for 137.6 million yuan. Hengda Real Estate Group Yuedong holds a 65% stake in Shantou Hengmeng, with the rest being held by its Australia-based joint venture partner, Redleaf Trading.

Evergrande expects to gain about 304 million yuan from the sale, which will be used to pay off its debt worth 376 million yuan, owed to Shantou Hengyao Property Development.

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