China Evergrande to raise US$5bil from property unit sale - Global Times

This file photo taken on September 15, 2021, shows signage on the China Evergrande Centre in Hong Kong.

HONG KONG: Distressed developer China Evergrande will sell a half-stake in its property management unit to Hopson Development for more than $5 billion, Chinese media said on Monday, after both Evergrande and Hopson requested trading halts ahead of a major transaction.

Once China's top-selling developer, Evergrande is facing what could be one of the country's largest-ever restructurings as a crackdown on debt leaves it unable to refinance $305 billion in liabilities.