China Evergrande to sell shares in regional bank to state-owned company

Debt-laden property developer China Evergrande Group said Wednesday it will sell 1.75 billion non-publicly traded domestic shares in Shengjing Bank, a regional bank, to a state-owned company for 9.99 billion yuan ($1.5 billion).Evergrande's stock sale to Shenyang Shengjing Finance Investment Group Co. is aimed at meeting its debt obligations, analysts say, adding the transaction effectively constitutes financial aid by the Communist-led government.Concern that Evergrande's woes could spark an event comparable to the 2008 global financial crisis caused by the collapse of U.S. securities firm…READ FULL ARTICLE