Chinese authorities are pushing government-owned firms and state-backed property developers to acquire some of Evergrande Group’s assets to dampen the potentially disastrous impacts of the failing real estate giant. Shengjing Financial Holding Investment Group, a subsidiary of the state-owned Assets Supervision and Administration Commission of Shenyang People’s Government (Shenyang SASAC), purchased Evergrande Nanchang’s shares in Shengjing Bank twice, on Aug. 17 and Sept. 28. In the second purchase, the asset management group bought 19.93 percent of Evergrande Nanchang’s shares in Shengjing Bank, at a price of 5.7 yuan ($0.88) per share. In addition, Evergrande’s proceeds from the sale, which amounts to 99.93 billion yuan ($1.5 billion), can only be used to repay its debts to Shengjing Bank. Evergrande announced on Sept. 29 that Shenyang SASAC holds 58.33 percent of shares in Shengjing Financial Holdings; Shenyang Municipal Finance Bureau holds 30.74 percent; Shenyang City Construction Investment Group holds 6.25 percent; and …
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