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.
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
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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
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