China Evergrande Group has sold its remaining shares in streaming services company HengTen Network Group in an effort to raise fund to service its debts.
The Chinese property developer, which has debts of over US$300bn, said in a statement that it disposed of its remaining 18% holding in HengTen for HK$2.12bn (US$273.5mln) to Allied Resources Investment Holdings Ltd.
Evergrande said it will make a loss of around HK$8.5bn (US$1.09bn) on the sale.
The developer has been selling down its stake in HengTen recently and last week sold a 5.7% holding, raising around US$145mln.
Chinese technology group Tencent is a big shareholder in HengTen and in July, it bought a 7% stake in the streaming platform from Evergrande for around US$266mln.
Evergrande has been struggling to service its debts in the last few months and has made 11th-hour payments to its creditors to avert a default.
The company again failed to pay coupons totalling US$82.5mln due on 6 November. It has a 30-day grace period to meet its obligations.
In addition, further interest payments of more than US$255mln are due on 28 December.