China Evergrande Group on Monday said it will sell 10per cent of its online real estate and automobile marketplace, Fangchebao , to 17 investors for HKUS$16.35 billion , in a fundraising ahead of the unit's initial public offering .
FCB, with a pre-financing valuation of over 150 billion yuan , could list on the Nasdaq or other suitable stock exchange, Evergrande said in a bourse filing.The country's most indebted developer has said it would spin off several units to lower its debt amid tighter industry regulation and investor concern about its cash flow.The firm listed Evergrande Property Services Group Ltd in December, raising US$1.8 billion.
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