On March 28, 2017, the Chinese Overgrade Group logo will be unveiled at the China Property Developer Annual Report at the News Conference. REUTERS / Bobby Yip / File Photo
Hong Kong, August 2 (Reuters) – China’s largest debt, the Evergrand Group (3333. HK), posted an exchange rate of $ 3.25 billion ($ 418.2 million) on HengTen Networks Group Ltd (0136.HK) on Sunday.
Evergrande’s shares fell more than 2% on Monday, with Hington jumping more than 30%. Hington shares resumed trading on Monday after being suspended on Thursday.
Evegrand said in June that the project companies were not paying certain bills on time, but were making payments, raising concerns about the developer’s debt and systemic financial risks.
Fitch lowered credit on Wednesday, raising concerns about this. Read more
To ease the pressure, Evergrande offered $ 3.20 to Tentcent Holdings Holdings Ltd. The unit sells for $ 2.07 billion and a 4% stake for an unknown buyer for $ 1.8 billion. The record did not give time for the sale.
Prior to the transaction, Overgrand owned 37.55% of the company and Tencent (0700.HK) was 16.9%. Evergrande’s stake will fall to 26.55% and Tencent’s holdings will increase to 23.9% after sale. Overgrande has agreed to provide Hington with a five-year HK 2.07 billion loan to support business development, the company added in its application.
Hington’s shares are expected to resume trading on August 2, after being closed on July 29.
($ 1 = 7,7720 Hong Kong Dollars)
($ 1 = 7.7721 Hong Kong Dollars)
Report by Marius Zechariah; Additional report by Clare Jim; Edited by Barbara Lewis and Sonali Paul
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