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Evergrande to raise US$ 5 bil. from property unit sale Updated: 2021-10-05 09:59:57 KST

Heavily-indebted Chinese real estate giant Evergrande is set to raise over five billion U.S. dollars by selling a majority stake in its property management unit.
According to the country's state media Monday, Chinese real estate firm Hopson Development was the buyer of the 51 percent stake.
Trading of Evergrande's shares was suspended Monday pending an announcement related to a "major transaction".
Evergrandeis more than 300 billion dollars in debt, and experts say the fate of the company has implications not just for China, but globally as well.
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