Evergrande sells the stake in HengTen in loss to avoid default

Chinese group Evergrande sold its entire stake in broadcast service company HengTen Network to raise approximately $ 274 million, in a move aimed at strengthening the solvency of the group in order to avoid insolvency on accumulated debts.

Evergrande has indicated it will suffer a loss of over $ 1 billion on the sale of its 18% stake in HengTen.

Interestingly, the real estate group is struggling to pay its payments in cash from the interest owed on its bonds, knowing that the group’s debts have exceeded $ 300 billion, including $ 19 billion in international bonds.