Evergrande Sells Off Remaining Stake in China’s Netflix-Like HengTen for $273 Million
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variety.comRebecca Davis editorChinese real estate giant Evergrande has sold its entire remaining stake in the film and TV streaming company HengTen Networks Group for $273 million, part of efforts to avoid defaulting on its massive debts.The world’s most indebted developer, some $300 billion in the red, is struggling to meet interest payments on its loans, and has been selling off shares to raise funds.At the beginning of the year, Evergrande owned a majority stake in Netflix-like HengTen.
In July, it sold a 7% stake to Chinese tech giant Tencent for around $266 million. Last week, it sold a further 5.7% stake for about $145 million, the BBC said.
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