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China Evergrande to transfer $1.5 billion stake in Shengjing Bank to state firm By Reuters

by Mike Robinson

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© Reuters. FILEPHOTO: A crane stands near China Evergrande Group’s headquarters in Shenzhen. Guangdong, China. September 26, 2021. REUTERS/Aly Song

(Reuters) – Debt-laden China Evergrande Group said on Wednesday it planned to transfer 1.75 billion shares of Shengjing Bank Co Ltd for 9.99 billion yuan ($1.5 billion).

China Evergrande filed a statement to Hong Kong’s bourse stating that 19.93% of bank share capital would be transferred to Shenyang Shengjing Finance Investment Group Co Ltd. The state-owned company involved in capital management and asset management.

People familiar with the matter said that Beijing has been pushing government-owned companies and state-backed property development firms to buy some assets of China Evergrande Group, as it is on the verge of collapse.

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