China Evergrande to transfer $1.5 billion stake in Shengjing Bank to state firm By Reuters

© Reuters. FILE PHOTO: Cranes stand at a construction site near the headquarters of China Evergrande Group in Shenzhen, Guangdong province, China September 26, 2021. REUTERS/Aly Song

(Reuters) – Debt-laden China Evergrande Group said on Wednesday it planned to transfer 1.75 billion shares of Shengjing Bank Co Ltd for 9.99 billion yuan ($1.5 billion).

The shares, representing 19.93% of the issued share capital of the bank, will be transferred for 5.70 yuan apiece to Shenyang Shengjing Finance Investment Group Co Ltd, a state-owned enterprise involving in capital and asset management, China Evergrande said in a filing to the Hong Kong bourse.

Beijing is prodding government-owned firms and state-backed property developers to purchase some of embattled China Evergrande Group’s assets as the company teeters on the brink of collapse, people with knowledge of the matter told Reuters this week.

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