China’s purchase of a stake in a struggling regional bank from China Evergrande Group aimed at preventing contagion is also benefiting Shengjing Bank Co.’s investors, including some poker pals of Evergrande founder Hui Ka Yan.
Evergrande agreed to sell a 20% stake in the bank to the local Shenyang government for 10 billion yuan ($1.55 billion), with the bank demanding that all proceeds go to settle debts with the lender. Shengjing Bank rose 1.4% on Wednesday in Hong Kong on the agreement, even though the sale is unlikely to make a dent in Evergrande’s massive debts to bondholders and homebuyers. Evergrande dropped 4% Thursday, snapping three days of gains.
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September 30, 2021 at 09:41AM
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Billionaires Get Help From China Move to Contain Evergrande - Bloomberg
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