SINGAPORE — China Evergrande Group raised around $145 million in recent days by selling a chunk of its shares in a film production and internet-media company, scraping together more cash as additional bond-payment deadlines loom.
The property company sold a roughly 5.7% stake in Hong Kong-listed HengTen Networks Group Ltd. 136,
HengTen, which produces film and television programs and operates an online-streaming platform and other businesses, was majority owned by Evergrande at the start of this year before a series of share sales by the real-estate conglomerate. HengTen’s other big corporate shareholder is Tencent Holdings Ltd. 700,
The cash-strapped developer faces another deadline on Nov. 11 to make overdue payments of $148 million on three other sets of bonds, according to debt research firm CreditSights. Evergrande also missed coupon payments that came due on Nov. 6 for two bonds, according to Lucror Analytics, which added “the company may again use the 30-day grace period to avoid a default.”
Also popular on WSJ.com: