China Evergrande’s stake in regional bank sold for $1.05 billion
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3 min read . Updated: 07 Sep 2022, 06:34 PM IST - Group of state-owned and private companies was sole bidder for Shengjing Bank’s shares in court-arranged auction
A consortium of Chinese state-owned and private companies agreed to pay the equivalent of $1.05 billion for a minority stake in a domestic bank held by China Evergrande Group, helping the troubled property developer settle a dispute over one of its debt obligations.