Property giant China Evergrande to sell non-core assets worth $405m

China Evergrande Group , the nation’s No.2 real estate developer, said it was selling non-core assets including interests in grain, oil and dairy products for 2.7 billion yuan($405 million), to enable it to focus on its property business.

Evergrande did not specify further how it plans to use the funds.

The move comes after Evergrande, which has China‘s second-biggest corporate debt pile, has invested $2.2 billion in the larger rival Vanke, putting Evergrande in the middle of a high profile corporate battle for control.

This has triggered speculation among analysts that it could be considering a costly play for all of Vanke as well as warnings that the investment in Vanke will undermine efforts to control its debt growth.

The homebuilder had borrowings of $57 billion at the end of June.

The assets were all sold to unlisted Chinese companies. Evergrande shares’s rose 1.5 percent in early Wednesday trade to HK$5.45, outpacing a 0.5 percent fall in the benchmark index .

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Evergrande ups China Vanke stake for $822m, becomes 3rd largest shareholder

Reuters

Singapore Reporter/s

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.