In a move aimed at enhancing the solvency of the Evergrand Group to avoid defaulting on accumulated debts, the group sold its entire stake in the Huntington Network broadcasting services company to raise about $274 million.
According to Arab Net, Evergrande indicated that it will incur a loss of more than one billion dollars from the sale of its 18% stake in HengTen.
It is noteworthy that the real estate group is suffering to pay its cash payments from the interest owed on its bonds, knowing that the group's debts exceeded $300 billion, including $19 billion in international bonds.
