Bank stake to be auctioned

A stake in Shengjing Bank (2066) held by a unit of China Evergrande (3333) will be auctioned off with a starting price of 7.3 billion yuan (HK$8.47 billion).

The 1.28 million shares of Shengjing Bank that are held by Evergrande (Nanchang) with a valuation of 7.56 billion yuan will be auctioned from September 6 to 7.

China Evergrande announced earlier that its subsidiary Evergrande (Nanchang) has received an arbitration award as a respondent.

Evergrande (Nanchang) had used the shares of the bank as collateral for a mortgage loan in July 2021, but couldn't pay back the loan. Therefore, the shares will be auctioned by the Liaoning Shenyang Municipal Intermediate People's Court.

Meanwhile, China Jinmao (0817) announced that for July 2022, the company and its subsidiaries recorded contracted sales of 10.5 billion yuan, with the contracted sales gross floor area being approximately 587,456 square meters. For the seven months ended 31 July 2022, the company recorded a contracted sales of 80.39 billion with the accumulative contracted sales gross floor area of about 4.27 million sq m.