China Evergrande to raise $2b in pre-IPO for property, car marketplace unit

Reuters

China Evergrande Group on Monday said it will sell 10% of its online real estate and automobile marketplace, Fangchebao (FCB), to 17 investors for HK$16.35 billion ($2.10 billion), in fundraising ahead of the unit’s initial public offering (IPO).

FCB, with a pre-financing valuation of over 150 billion yuan ($22.92 billion), could list on the Nasdaq or other suitable stock exchange, Evergrande said in a bourse filing.

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