Evergrande shares jump on plans to sell $1.5 bln stake in Shengjing Bank

Shengjing Bank Co

29/09/2021 03:07

** Shares of cash-strapped China Evergrande Group  3333.HK 
rise 9% to HK$2.91 after co floats stake sale plan
    ** Co said it plans to sell a 9.99 billion yuan ($1.5
billion) stake it owns in Shengjing Bank Co Ltd  2066.HK  to a
state-owned asset management company  urn:newsml:reuters.com:*:nL1N2QV00B
    ** Beijing is prodding government-owned firms and
state-backed property developers such as China Vanke Co Ltd
 000002.SZ  to purchase some of the embattled developer's
assets, people with knowledge of the matter said  urn:newsml:reuters.com:*:nL4N2QT23E
    ** Evergrande has rapidly become China's biggest corporate
headache as it teeters between a messy meltdown with
far-reaching impacts, a managed collapse or the less likely
prospect of a bailout by Beijing
    ** Co has a deadline due on Wednesday for an interest
payment to offshore bondholders that gives the property
developer its next big test in public markets  urn:newsml:reuters.com:*:nL1N2QU325
    * Shengjing Bank Co Ltd  2066.HK  trades flat at HK$7

 (Shanghai Newsroom)
 ((Jason.Xue@thomsonreuters.com))