EGRNF - China Evergrande raises $145M from tech company stake sale - WSJ

China Evergrande (OTCPK:EGRNF) (OTCPK:EGRNY) sold a 5.7% stake in Hong Kong-listed HengTen Networks Group (OTCPK:HNTGF) in recent days as more bond-payment deadlines persist, the Wall Street Journal reports. Prior to the sale, the film production and internet-media company was majority owned by Evergrande at the onset of 2021; Tencent (OTCPK:TCEHY) is also a big HengTen stakeholder, the WSJ notes. Evergrande now has a 20.8% stake in HengTen, down from 26.55% from before the sale, according to the filings. The struggling Chinese real estate developer has not yet defaulted on overdue interest payments, though it faces another deadline on Nov. 11 to make a $148M payment on three sets of bonds, the WSJ notes, citing debt research firm CreditSights. "While debt-stricken Chinese developer Evergrande narrowly averted a formal default, a risk remains of a messy collapse that would require one of the biggest restructuring process (sic) in the country's history," Pictet Asset

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China Evergrande raises $145M from tech company stake sale - WSJ