Troubled Chinese developer Evergrande is exploring a sale of its property-management firm as part of a desperate-bid to sell-off assets and raise much-needed cash. The firm owes more than 300 billion dollars in unpaid bills.
Beijing is worried about domestic unrest; Foreign investors could be left empty-handed.There’s a complete standstill on Evergrande’s construction sites…workers have long left long, many unsure if and how much they get paid for their work. But there might be an end in sight for the real estate developer’s crisis that has shaken investors’ confidence for weeks.
Evergrande is selling a majority-stake in its property management unit for more than 5 billion dollars, bringing in much needed cash to carry on.
Creditors have known for a while that their investment is at risk.. and still, another trading week begins with markets worrying about possible contagion and the fall-out for China’s entire economy.