HONG KONG: Cash-strapped developer China Evergrande Group said on Thursday it is selling its entire stake in film and television streaming company HengTen Network Holdings for HK$2.13 billion .
The Shenzhen-based real estate company has been stumbling from deadline to deadline in recent weeks as it grapples with more than US$300 billion in liabilities, US$19 billion of which are international market bonds. The company added that 20 per cent of the deal consideration will be payable within five business days from the date of the agreement, while the remainder will be completed within two months, according to the Hong Kong stock exchange filing.Last week, Evergrande once again averted a destabilising default with a last-minute bond payment but the reprieve did little to alleviate strains in the country's wider property sector from a liquidity crunch.