China Evergrande Group said on Thursday it is selling its entire stake in film and television streaming company HengTen Network Holdings for HK$2.13 billion ($273.5 million).
The world’s most indebted developer, said it would realise a loss of HK$8.5 billion from the sale of its stake in HengTen.
Evergrande has been stumbling from deadline to deadline in recent weeks as it grapples with more than $300 billion in liabilities, $19 billion of which are international market bonds.
Evergrande’s unit entered into an agreement with Allied Resources Investment Holdings Ltd to sell 1.66 billion HengTen shares at HK$1.28 per share, at a discount of 24% to its closing price on Wednesday.
The company added that 20% of the deal consideration will be payable within five business days from the date of the agreement, while the remainder will be completed within two months, according to the Hong Kong stock exchange filing.