China Evergrande sells entire stake in streaming platform HengTen to ease debt burden

Published by
Reuters

By Clare Jim and Indranil Sarkar HONG KONG (Reuters) – China Evergrande Group is selling its entire stake in streaming services firm HengTen Network Group to raise HK$2.13 billion ($273.5 million), as the cash-strapped developer boosts efforts to avoid a debilitating default on its debts. Evergrande, the world’s most indebted developer, said on Thursday it would book a loss of HK$8.5 billion from selling the 18% stake in HengTen, in which Chinese gaming and social media giant Tencent Holdings holds around a 20% share. The Shenzhen-based real estate company has been stumbling from deadline to d…

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