Cash-strapped developer Evergrande said it has agreed to unload its remaining 18% stake in Hong Kong-listed HengTen Networks Group at a discount of around 24%
SINGAPORE—Cash-strapped property giant China Evergrande Group said it will sell its entire stake in a company that provides online video-streaming and Internet home services for the equivalent of $273 million, closing a chapter in a six-year business venture with internet behemoth Tencent Holdings Ltd.
Evergrande said Thursday it has agreed to unload its remaining 18% stake in HengTen Networks Group Ltd. at around a 24% discount to the Hong Kong-listed company’s stock price a day earlier. The developer, which recently reported around $300 billion in liabilities, and has been scrambling to sell assets to make interest payments and
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