Chinese developer Evergrande to sell stake in property management unit for $3b

Reuters

CEG Holdings (BVI) Limited, a wholly-owned subsidiary of the real estate giant China Evergrande Group, will sell a 28 per cent stake in its property management unit Mangrove 3, Ltd to 14 companies for HK$23.5 billion ($3 billion).

Evergrande, CEG, and Mangrove 3 have inked agreements with the 14 investors, according to Evergrande’s filing with the Hong Kong stock exchange. “The group intends to apply the proceeds for general corporate use of the group,” it added.

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