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China debt crunch

China's Evergrande raises $1.5bn in sale of bank stake

Proceeds expected to go toward settling bank debts, not improving liquidity

Property developer China Evergrande Group is attempting to step back from the brink of default but has already missed at least one interest payment on a bond.   © Reuters

HONG KONG -- Embattled property developer China Evergrande Group has raised $1.5 billion in its first asset sale since revealing last month that it was in danger of a default.

However, the proceeds may not shore up its depleted liquidity, as they are expected to go toward settling bank debts, according to a statement on Wednesday from the developer.

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