Evergrande pays $1.5b to increase its holding in Shengjing Bank

Debt-ridden Evergrande Real Estate Group Ltd has agreed to buy Shengjing Bank Co's domestic shares worth 10 billion yuan ($1.54 billion), the firm said in a filing to the Hong Kong Stock Exchange on Thursday.

Evergrande will lift its stake to 27.2 percent after acquiring more than 1 billion shares from five shareholders through a unit, it said.

Shengjing Bank received approval in January from the banking regulator for a consumer-finance firm, one of a handful of banks to hold such a license, Evergrande said in the filing, adding it expects the purchase to generate high returns.