China Evergrande to sell $1.5 bln stake in Shengjing Bank to state firm

2 Oct 14:45 Key points summarised by AI

Cash-strapped China Evergrande plans to sell a 9.99 billion yuan ($1.5 billion) stake in Shengjing Bank to a state-owned asset management company.
Shengjing Bank demands all net proceeds from the sale be used to settle Evergrande's existing financial liabilities to the bank, preventing the developer from using funds for other urgent payments like bond interest.
The divestment reduces Evergrande's stake in Shengjing Bank from 34.5% to 14.75%, making the state-owned Shenyang Shengjing Finance Investment Group Co Ltd the largest shareholder.
This sale is part of Evergrande's broader effort to raise funds amidst its liquidity crisis and aligns with Beijing's push for state-owned firms to acquire the developer's assets to stabilize the financial system.

Sihasak urges Thais in Europe to stay alert as protests spread

Yesterday 12:06 Key points summarised by AI

Thai Foreign Minister Sihasak Phuangketkeow advises Thai nationals in Europe to avoid protest areas and reconsider non-essential travel, citing widespread unrest in countries like France, Italy, and Spain.
The warning comes as demonstrations escalate, with some turning violent, prompting concerns for safety and leading to an emergency Cabinet meeting in Italy and a proposed postponement of diplomatic talks.
Thai embassies and the Department of Consular Affairs issue advisories, urging citizens to monitor local developments, follow official announcements, and register their travel details for assistance, while emphasizing that no Thais have been directly affected yet.