Evergrande, which currently stands $305 in debt, has been struggling to raise funds as Wednesday’s deadline for a $47.5 million bond interest payment approaches. The property giant also owes payments to banks and suppliers. 

Evergrande has said that it has entered into an agreement to sell the 1.75 billion shares it owns in Shengjing Bank to state-owned firm Shenyang Shengjing Finance Investment Group. 

In a statement, the property developer said that its liquidity issues have already “adversely affected” Shengjing Bank “in a material way.” Evegrande says it hopes that introducing Shenyang Shengjing Finance Investment Group will stabilise the bank’s operations. 

Evergrande has also said it is making an ongoing effort to sell stakes in other assets to ease its liquidity problems. It has already sold property units to suppliers and contractors to begin offsetting some of its debts. According to the company’s latest financial statement, its outstanding payments amounted to approximately $3.8 billion as of August 27. 

On Wednesday morning, Evergrande’s shares in Hong Kong were up almost 10% in early trading.