Real Estate

Evergrande shares slip after striking a deal to raise $273 million

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An exterior view of China Evergrande Centre in Hong Kong, China March 26, 2018.

Bobby Yip | Reuters

The sale of HengTen is Evergrande’s latest effort to raise capital. The deal is worth 2.13 billion Hong Kong dollars ($273.2 million), with 20% — or $54.6 million — due within five business days, and the rest in two months, the filing said.

The developer said it reached an agreement Wednesday to sell about 1.66 billion HengTen shares to Allied Resources Investment Holdings for 1.28 Hong Kong dollars each, according to a filing with the Hong Kong stock exchange.

That’s about 24% below HengTen’s closing price Wednesday of 1.69 Hong Kong dollars a share.

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Source cnbc.com

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