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China Evergrande sells entire stake in streaming platform HengTen to ease debt burden

HONG KONG (Reuters) -China Evergrande Group is selling its entire stake in streaming services firm HengTen Network Group for HK$2.13 billion ($273.5 million), as the cash-strapped developer boosts efforts to avoid a debilitating default on its debts. Evergrande, the world’s most indebted developer, said on Thursday it would book a loss of HK$8.5 billion from selling the 18% stake in HengTen, in which Chinese gaming and social media giant Tencent Holdings holds around a 20% share. A wholly owned unit of Evergrande entered into an agreement with Allied Resources Investment Holdings Ltd, owned by investor Li Shao Yu, to sell 1.66 billion HengTen shares at HK$1.28 per share, at a discount of 24% to its closing price on Wednesday.

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