Out of office: Evergrande sells €1.33bn bank stake; EirGrid warns of energy shortfall

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29th September, 2021
Out of office: Evergrande sells €1.33bn bank stake; EirGrid warns of energy shortfall

Evergrande, the debt-laden Chinese property developer, sold its 9.99 billion yuan (€1.33 billion) stake it owns in Shengjing Bank Co Ltd to a state-owned asset management company in a bid to shore up liquidity and settle some of its eye-watering debts. The developer has approximately €261 billion in liabilities, stoking fears both in China and around the world that the company’s woes could reverberate through the global economy. Shengjing, one of Evergrande’s top lenders, demanded...

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