China Evergrande Soars After Confirming Talks to Sell Assets

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China Evergrande Soars After Confirming Talks to Sell Assets

Yahoo Finance2021-08-11

(Bloomberg) -- China Evergrande Group’s stock and bonds jumped Wednesday after the company said it’s in talks to sell stakes in two of its units, potentially injecting fresh funds into the cash-...

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MoreNmore
·2021-08-11
Soar
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ZAnne
·2021-08-11
Ok
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imsomeonelse
·2021-08-11
Finally
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- Bibi1216:
  ??
  2021-08-11
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Jkan
·2021-08-11
Ok
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- Babypegasus:
  Pls like
  2021-08-11
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- Ichua:
  Yea
  2021-08-11
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q1n97un
·2021-08-11
soar higher
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Talks include selling Evergrande stakes in its electric vehicle start-up and property services units.\nEvergrande jumped as much as 12% in Hong Kong, bringing its three-day gain to 26% on expectations the world’s most-indebted developer will ease its cash crunch with asset sales. The electric vehicle and property services stocks also rose for a third day. The firm’s 8.75% dollar bond due 2025 rose 2 cents on the dollar to 45 cents, Bloomberg-compiled prices show.\nThe troubled property giant has been offloading assets and listing units in an attempt to stave off a liquidity crisis, saddled with more than $300 billion in liabilities. Evergrande’s equity and bond holders have been rattled in recent weeks by a slew of reports about wary banks and unpaid bills to suppliers. 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S&P Global Ratings cut Evergrande by two levels to CCC last week, just four notches above the designation for defaulted borrowers. It’s the second downgrade by S&P in less than two weeks and follows similar moves by Fitch and Moody’s Investors 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