China Evergrande to sell non-core assets worth 2.7 bil yuan

HONG KONG (Sept 28): China Evergrande Group, the nation's No. 2 real estate developer, said it was selling non-core assets including interests in grain, oil and dairy products for 2.7 billion yuan ($550.6 million), to enable it to focus on its property business.

Evergrande did not specify further how it plans to use the funds.

The move comes after Evergrande, which has China's second-biggest corporate debt pile, has invested US$2.2 billion ($3 billion) in the larger rival Vanke, putting Evergrande in the middle of a high profile corporate battle for control.

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