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.
Shengjing Bank said in a statement on Wednesday that Evergrande sold 166.67 million shares representing a 1.9% stake at 6 yuan each to two state-backed units of northeastern Shenyang city. The bank's board also resolved to support the local government to increase its stake gradually and "adjust the equity structure" to become a government bank.
