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China debt crunch

Evergrande sells stake in regional lender to shore up finances

Shengjing Bank says local government will gradually increase ownership

China Evergrande Group is working to boost its finances and alleviate a liquidity crunch.   © Reuters

HONG KONG -- China Evergrande Group, the world's most indebted property developer, raised 1 billion yuan ($154 million) by selling a part of its stake in regional lender Shengjing Bank to units of a city government which is expected to further increase its holdings.

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