China’s indebted Evergrande to sell stakes in internet unit

China’s most indebted property developer Evergrande Group has agreed to sell stakes in its internet unit HengTen Networks Group Ltd worth a total of HK$3.25 million ($418.2 million), an exchange filing showed on Sunday.

Worries over the developer’s debt and the potential for systemic financial risk have intensified after Evergrande said in June its project companies had not paid some commercial paper on time, but it said it was arranging payment.