Debt-saddled China Evergrande is set to raise more than $5 billion by selling a majority stake in its property management arm, Chinese media said Monday, a deal which would be the struggling giant's largest asset sale yet if it goes ahead.
Once China's top-selling property group, Evergrande is facing one of the country's largest-ever defaults as it struggles with more than $300 billion of debt. Its fate is also unsettling global markets wary about the fallout of one of China's biggest borrowers toppling.
Evergrande on Monday said it requested a halt in the trading of its shares in Hong Kong pending an announcement about a major transaction. Evergrande Property Services Group , a spin-off listed last year, also requested a halt and said it referred to "a possible general offer for shares of the company."