Cash-strapped China Evergrande Group will sell the rest of its stake in film and television streaming company HengTen Network Holdings for HK$2.13 billion ($273.5 million).
The world’s most indebted real estate developer is liquidating assets, even at a loss.
On the morning of Nov. 18, Evergrande’s unit announced the agreement with Hong Kong-based Allied Resources Investment Holdings Ltd. to sell 1.66 billion HengTen shares at HK$1.28 per share, at a discount of 24 percent to its closing price (HK$1.94) a day ago.
“Upon completion of the transaction, [China Evergrande Group] will no longer hold any shares of HangTen,” the document reads.
Shares of HengTen jumped 23 percent in Hong Kong trading on Nov. 18. Evergrande dropped as much as 5.7 percent, extending its year-to-date slump to 84 percent.
The company has rushed several last-minute transfers since October, teetering on the brink of default.
Evergrande has not so far officially explained its defaults. It has new coupon payments totaling more than $255 million due on Dec. 28.