China Evergrande sells its entire stake in HengTen Networks for $273 mn

China Evergrande Group said its unit will sell its entire share stake in HengTen Network Holdings for HK$2.13 billion ($273.47 million)

China Evergrande Group said on Thursday its unit will sell its entire share stake in HengTen Network Holdings for HK$2.13 billion ($273.47 million).

Evergrande, the world's most indebted developer, 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.

The property developer'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 remaining will be completed within two months, according to a Hong Kong stock exchange filing.