EGRNF - China Evergrande sells Shengjing Bank stake for $1.05B in auction

• China Evergrande's ( OTCPK:EGRNF ) ( OTCPK:EGRNY ) stake in Shengjing Bank was auctioned off to a group of seven companies, including companies owned by the Chinese city of Shenyang, for 7.3B yuan ($1.05B), according to reports citing Taobao, an online auction platform operated by Alibaba ( BABA ).
• There was only one bidder for the 1.28B shares, which represent a 14.6% stake in the Hong Kong-listed bank.
• Evergrande's ( OTCPK:EGRNF ) Nanchang subsidiary had pledged the Shengjing Bank shares as a counter-guarantee for loans that borrowers failed to pay. In late July, Evergrande, which is burdened with over $300B of liabilities, was ordered to pay more than $1B in an arbitration ruling over the matter .
• Last month, China was said to plan lending 200B yuan ($29.3B) in special loans to cash-strapped property developers

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