Evergrande to Raise $1.5 Billion by Selling Bank Stake to State-Owned Firm

A Chinese state-owned enterprise struck a deal to buy most of China Evergrande Group ’s stake in a commercial bank for $1.5 billion, the latest sign that the country’s authorities are trying to help the property giant resolve some of its financial troubles.

Evergrande said Wednesday that one of its units plans to sell nearly 20% of Shengjing Bank Co. , which is based the Liaoning province city of Shenyang, to a company whose owners include the local branch of China’s State-Owned Assets Supervision and Administration Commission as well as the local and provincial governments. The transaction would make the state-owned company the bank’s largest shareholder.