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China debt crunch

Evergrande to pocket $2bn from sale of stake in online platform

Chinese developer due to update investors on debt repayment progress this week

HONG KONG -- Indebted property developer China Evergrande Group is set to raise $2.1 billion from the sale of a 10% stake in its online home and car sales unit to a group of longtime backers and other investors ahead of a planned listing of the unit.

Evergrande, which has about $110 billion in total borrowings, has been racing to meet regulatory guidelines on debt levels by selling stakes in units and raising equity. The company is due to update investors on its financial position with the release of its annual results on Wednesday.

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