HONG KONG—Scrambling to avoid defaulting on its debts, cash-strapped China Evergrande Group said on Wednesday it plans to sell a 9.99 billion yuan ($1.5 billion) stake in Shengjing Bank Co Ltd to a state-owned asset management company. Shengjing Bank, one of the main lenders to Evergrande, had demanded that all net proceeds from the disposal be used to settle the financial liabilities of the property developer due to the lender, Evergrande said in an exchange filing. That requirement suggests that Evergrande will be unable to use the funds for other purposes such as interest payments to offshore bondholders. Evergrande missed paying bond interest due on Wednesday, two bondholders said, its second unpaid offshore debt obligation in a week, although the company on Thursday made a partial payment to some of its onshore investors. The company, reeling under a debt pile of $305 billion, was due on Wednesday to make a …