Crisis-hit property developer Evergrande has managed to raise around $144 million by slashing its stake in an internet company, days before a looming debt interest payment deadline.

Evergrande sold a 5.7 percent stake totalling HK$1.12 billion ($144m) in HengTen Networks Group in three separate transactions from last Thursday, Hong Kong stock exchange filings showed.

The indebted property developer faces a Wednesday deadline for an overdue $148 million offshore bond coupon payment it initially missed last month.

The crisis at one of China's biggest property developers has hammered investor sentiment, rattled the key real estate market and fuelled fears of a spillover into the wider economy.

Bogged down in a sea of debt worth more than $300 billion, Evergrande has been trying to dispose of its assets to raise cash.

But some offshore bond holders said they had not received payments of over $80 million that were due Saturday, Bloomberg reported.

The HengTen sale reduced Evergrande's stake in the internet services firm from 26.55 percent to 20.82 percent, according to the filings.

That leaves Tencent as the biggest remaining shareholder, with an almost 24 percent stake.

Evergrande was plunged into crisis after Beijing began clamping down on the country's colossal property sector last year, a move that has prompted rare public anger and protests from anxious homebuyers, suppliers and investors.

In October, Evergrande managed to avert default twice after making overdue interest payments to offshore bond holders.

In a bid to shore up investor confidence, it recently announced that it delivered over 57,000 properties to buyers between July and October.

But a planned deal to sell a $2.6 billion stake in its property arm to a Hong Kong developer fell through last month, sending shares tumbling as it resumed trading on the Hong Kong Stock Exchange after a 17-day suspension.

Asian markets rise after Wall St record, bitcoin hits new peak
Hong Kong (AFP) Nov 9, 2021 - Asian markets mostly rose Tuesday following another record on Wall Street, while bitcoin hit a new peak with optimism over the recovery outlook edging out long-running inflation fears, with predictions for even more gains to come.

Traders have been in buoyant mood since the US Federal Reserve last week unveiled its plan for withdrawing its vast financial support but said it would move cautiously in raising interest rates. Analysts said other central banks had been less keen to tighten policy than investors had expected.

Still, the Fed on Monday warned in a closely watched report that the rally across markets could quickly reverse if there was another Covid surge or the recovery stalls, and also raised concerns about the possible impact of China's property crisis.

All three main indexes in New York hit record highs for the second day in a row helped by news that US lawmakers had passed President Joe Biden's $1.2 trillion infrastructure overhaul, and as the country reopened to vaccinated visitors from more than 30 countries.

That all came on top of a strong earnings season and after Pfizer's announcement that a pill to treat Covid had proved to be hugely effective, putting the world another step closer to overcoming the disease.

Markets analyst Louis Navellier said he was very upbeat about the outlook.

"I think that at the end of January, we're going to be 18 percent to 20 percent higher than we are today," he said in a note. "That's a bold statement. But we've got a lot of earnings coming out, seasonal strength and an accommodative Fed."

Asia, which struggled Monday, mostly managed to follow Wall Street's lead.

Hong Kong, Shanghai, Seoul, Wellington, Taipei, Manila, Bangkok and Jakarta all rose, though Tokyo, Sydney, Mumbai and Singapore edged down.

London and Paris were down in early trade, while Frankfurt rose.

Bitcoin hit a new record of $68,513 as the combined value of all cryptocurrencies topped $3 trillion, according to data provider CoinGecko.

"This breakout in bitcoin might signal the start of a final push-up for the fourth quarter before the crypto market shows more pronounced consolidation into next year," Fundstrat said in a technical-strategy report Monday.

"Strength in bitcoin, ethereum and many other altcoins looks likely in the weeks to come."

- Biden's Fed decision -

Still, the spectre of inflation continues to loom large, with prices at multi-year highs owing to supply chain snarls, surging energy costs and a pick-up in demand as the economy returns to normal.

While the Fed has said it will be careful in hiking borrowing costs, Vic Chair Richard Clarida said the economy could be ready for a lift by the end of next year.

"While we are clearly a ways away from considering raising interest rates," he said he believed the "necessary conditions for raising the target range for the federal funds rate will have been met by year-end 2022."

However, other top Fed officials took a more dovish view on the outlook and the timing of a rate liftoff.

"So, the conclusion is that just like the market, Fed officials are not a hundred percent sure how inflation dynamics will play out," said Rodrigo Catril at National Australia Bank.

"If price pressures remain elevated, then next year the Fed will be forced to lean against them even if the maximum employment has not yet been reached."

Eyes are now on the release of US inflation data on Tuesday and Wednesday for a fresh idea about the bank's plans.

Traders are also keeping tabs on Biden's plans for the Fed's leadership with reports saying he had interviewed governor Lael Brainard, who is seen as more dovish on policy, for the top job.

The president is expected to soon decide on whether to replace head Jerome Powell when his current term ends early next year.

- Key figures around 0820 GMT -

Tokyo - Nikkei 225: DOWN 0.8 percent at 29,285.46 (close)

Hong Kong - Hang Seng Index: UP 0.2 percent at 24,813.13 (close)

Shanghai - Composite: UP 0.2 percent at 3,507.00 (close)

London - FTSE 100: DOWN 0.2 percent at 7285.76

Dollar/yen: DOWN at 112.93 from 113.22 yen at 2145 GMT

Pound/dollar: UP at $1.3566 from $1.3565

Euro/dollar: UP at $1.1593 from $1.1587

Euro/pound: UP at 85.47 pence from 85.40 pence

West Texas Intermediate: UP 0.1 percent at $82.01 per barrel

Brent North Sea crude: UP 0.1 percent at $83.47 per barrel

New York - Dow: UP 0.3 percent at 36,432.22 (close)

-- Bloomberg News contributed to this story --

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Asian markets mixed as inflation plays against recovery optimism
Hong Kong (AFP) Nov 8, 2021
Asian markets were mixed Monday as long-running concerns about inflation offset forecast-busting economic data out of the United States and China, while tourism-linked firms rallied on optimism about the global reopening after Pfizer said its pill to treat Covid was highly effective. Wall Street's three main indexes clocked up records last week after figures showed more than half a million new US jobs were created last month, with hiring rebounding as new infections fall across the country. Figures ... read more