Cash-strapped China Evergrande Group will sell the rest of its stake in film and television streaming company HengTen Network Holdings for HK$2.13 billion ($273.5 million). The world’s most indebted real estate developer is liquidating assets, even at a loss. On the morning of Nov. 18, Evergrande’s unit announced the agreement with Hong Kong-based Allied Resources Investment Holdings Ltd. to sell 1.66 billion HengTen shares at HK$1.28 per share, at a discount of 24 percent to its closing price (HK$1.94) a day ago. The company, already dealing with more than $300 billion in liabilities, said it would lose HK$8.5 billion ($1.1 billion) from the sale of its stake in HengTen, according to a Hong Kong stock exchange filing (pdf). “Upon completion of the transaction, [China Evergrande Group] will no longer hold any shares of HangTen,” the document reads. In August, Evergrande agreed to sell its stake in HengTen, described as China’s Netflix …
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