Long position of China Evergrande's Hui Ka Yan in Shengjing Bank decreases to 19.85% on Oct 18 from 49.59% after it completed a sale of the shares - HKEx filings
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In a filing to the Hong Kong exchange on Wednesday, Evergrande said it will sell the 1.75 billion shares it owns in Shengjing Bank to the Shenyang Shengjing Finance Investment Group, at 5.70 yuan per share.
The property giant, which is besieged by its huge $300 billion debt, has been struggling to raise funds as it faces another bond interest payment deadline Wednesday.
Markets are closely watching to see if the firm will meet its $47.5 million interest payment due Wednesday.
The property firm already missed one key $83.5 million coupon payment last week, on an offshore March 2022, $2 billion bond.

On September 29, Evergrande’s stocks collectively rose on the disk. Today, Evergrande announced the sale of its shares in Shengjing Bank. Mainland real estate stocks were boosted collectively.
Why do real estate companies do insurance business?
Why buy banking business?
Real estate itself is highly leveraged, and insurance and banks themselves are highly leveraged. With the existence of the pre-sale system and other forms, before real estate companies used development loans, pre-financing, and even pre-financing, some real estate companies even had almost no own funds for land auctions. Taking bank and insurance funds, multi-layer nesting, and finding trusts for packaging, is itself a high-end game of the brutal development of real estate companies in the past. If you have time, I can recommend everyone to take a look at the equity and capital structure of the "Baoji Wanzhi" back then.
I have done real estate investment before, a small and medium-sized real estate company. In its name, full coverage of financing and full coverage of investment. To put it bluntly, one is to find local governments to expand land through personal connections and relationships. On the other hand, it is to find major financial institutions to obtain loans and find financing lines, which is a kind of empty glove. White wolf.
Speaking of the matter itself, can Evergrande’s “tens of billions” of funds return blood? Welcome to discuss, leave a message to discuss! $EVERG VEHICLE(00708.HK)$$EVERGRANDE(03333.HK)$$SUNAC(01918.HK)$$SHENGJINGBANK(02066.HK)$
China Evergrande announced on the Hong Kong Stock Exchange that a wholly-owned subsidiary has sold 1.75 billion non-tradable domestic shares of Shengjing Bank to Shenyang Shengjing Financial Holdings Investment Group Co., Ltd., accounting for 19.93% of Shengjing Bank’s issued shares; the consideration is RMB per share 5.7 yuan, totaling 99.93 billion yuan.
China Evergrande announced that the company’s liquidity problems have had a huge negative impact on Shengjing Bank. The introduction of state-owned enterprise transferees as major shareholders will help stabilize Shengjing Bank’s operations and at the same time help the company’s remaining holdings of Shengjing Bank. The bank's 14.57% equity value increased and maintained its value. The settlement of the sale requires the cooperation of Shengjing Bank. Shengjing Bank requires that all proceeds from the sale be used to repay the related debts of the Group to Shengjing Bank.