Reuters

China Evergrande to raise $5 billion from property unit sale – Global Times

HONG KONG (Reuters) -Distressed developer China Evergrande will sell a half-stake in its property management unit to Hopson Development for more than $5 billion, Chinese media said on Monday, after both Evergrande and Hopson requested trading halts ahead of a major transaction. Once China’s top-selling developer, Evergrande is facing what could be one of the country’s largest-ever restructurings as a crackdown on debt leaves it unable to refinance $305 billion in liabilities. Evergrande said it requested a trading halt pending an announcement about a major transaction and Evergrande Property Services Group said the announcement constitutes “a possible general offer for shares of the company.”

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