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 ...