My Geek Score: Ahead of yet another interest payment deadline, Chinese developer Evergrande announced that it would sell a $ 1.5 billion (9.99 billion yuan) stake in Shengjing Bank to a state-owned asset management company. He is in debt and struggling to raise funds as he faces a deadline to pay interest on bonds of $ 47.5 million on Wednesday. The competitive real estate giant also owes payments to banks and suppliers. He has signed an agreement to sell 1.75 billion of his shares in Shengjing Bank to Shenyang Shengjing Finance Investment Group at 5.70 yuan per share for 19 yuan.93% of the bank's issued share capital. Evergrande had already sold 1 billion yuan worth of shares in Shengjing Bank. In the statement, Evergrande said that its liquidity problems had already "had a material negative impact" on Shengjing Bank. To alleviate its liquidity crisis, Evergrande continuously seeks to sell shares in other assets. Units owned by suppliers and contractors to make up some of their outstanding payments. As of August 27, that outstanding debt was approximately 25.17 billion yuan ($ 3.8 billion), according to Evergrande's latest financial statements. Hong Kong Evergrande stock rose nearly 10% in early trading Wednesday morning.
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