A handful of prospective buyers of China Evergrande’s assets have reportedly emerged in the mainland, as the troubled property developer faces another payment deadline today for a $47.5 million offshore coupon.
China Evergrande plans to sell its 19.93 percent stake in Shengjing Bank – a lender headquartered in the Shenyang city within northeastern province Liaoning – to state-owned asset manager Shenyang Shengjing Finance, according to an exchange filing in Hong Kong.
The deal has been valued at 9.99 billion yuan ($1.55 billion) with 1.75 billion shares to be sold for 5.70 yuan each.
Shenyang Shengjing's stake in Shengjing Bank will increase to 20.79 percent after the deal, making it the lender's largest shareholder.
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Elsewhere, Beijing is «prodding» government-owned firms and state-backed property developers to purchase some of Evergrande’s other assets, according to a «Reuters» report citing unnamed sources, with considerations for both «political and commercial» factors.
A handful of state-owned enterprises have already completed due diligence on assets in Guangzhou with Guangzhou City Construction Investment Group, for example, close to acquiring Evergrande’s Guangzhou FC Soccer stadium and surrounding residential projects.
Other firms that have been asked to purchase Evergrande assets include government-backed developers Vanke, China Jinmao Holdings and China Resources Land.
