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Evergrande to raise US$ 5 bil. from property unit sale Updated: 2021-10-05 11:26:25 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 local media on Monday, Chinese real estate firm Hopson Development was the buyer of the 51 percent stake in the unit.
Trading of Evergrande's shares was suspended on Monday pending an announcement related to "major transaction".
Evergrande has a debt of more than 300 billion dollars, and the fate of the company has implications not just in China, but on the global market.
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