Evergrande Group to sell whole stake in HengTen

China's struggling Evergrande Group says it will sell its entire shareholding in its Internet services firm. The move is the property giant's latest effort to avoid defaulting on massive debts.

Evergrande is selling its 18-percent stake in HengTen Networks Group to a Hong Kong-based firm for about 273 million US dollars. The firm says it will post a loss of around 1 billion dollars from the discount sale.

Chinese media say Evergrande Chairman Hui Ka Yan has raised over 1 billion dollars since July by selling or mortgaging his personal assets.

The real estate developer is embroiled in numerous lawsuits filed by creditors over missed payments.
One company alone has brought more than 300 cases against Evergrande Group for unpaid work amounting to 38 million dollars.