China Railway Construction Investment Group (CRCC) has plans to divest 49% stake in Hengda Zhiye, the Evergrande-controlled firm based in Shenzhen city.
The holdings will be sold at a minimum of $398.8m, reported Global Times.
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Hengda Zhiye operates in real estate, housing rental as well as interior home decoration segments, according to the National Equity Industry Information Comprehensive Services Platform.
Evargrande owns 51% stake in Hengda Zhiye, while CRCC holds the remaining stake.
In December 2019, CRCC had bought 49% stake in Hengda Zhiye for CNY2.31bn.
In the same year, CRCC had entered a strategic agreement with Evergrande for cooperation in the areas of engineering construction, real estate development, investment and financing.
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By GlobalDataLast month, Reuters reported citing two sources that Evergrande Group is exploring repayments to its offshore creditors through cash instalments and equity in two of its Hong Kong-listed units.
The company owes around $19bn to its offshore public bondholders.
Its offshore debt, which comprises loans and private bonds, worth $22.7bn, has been in default after missing out payment obligations late 2021.
In March, the company had revealed that it would announce a preliminary debt restructuring proposal by the end of July.
It aims to sign agreements with the investors by December this year.
Meanwhile, last month, CRCC secured a contract to build a new Demerara River bridge in Guyana.
The contract agreement was signed by CRCC with Ministry of Public Works of the Cooperative Republic of Guyana, reported Global Times.
A reinforced concrete bridge, it will span the river, with the main bridge featuring a cable-stayed structure.
With a service life of 100 years, the new bridge will be about 2,800m long and designed for a speed of 80kmph.
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Image: Hengda Zhiye operates in real estate, housing rental as well as interior home decoration segments. Credit: leemelina08 from Pixabay
