Evergrande is selling a bank stake to repay liabilities

China Evergrande Group said Wednesday that it’s planning to sell its $1.5 billion stake in Shengjing Bank, which comes as an attempt of the group to avoid default.

The announcement was added to other practices aiming at easing concerns the collapse of the huge real-states entity could spread through the Chinese financial system and go beyond to harm the world financial system as a whole.

The central bank of China also contributed to ease such speculations, looking at Evergrande as a new Lehman Brothers, when it vowed to support and protect hope buyers interests.

Financial liabilities of the heavily indebted Chinese group are estimated by more than $400 billion, including yields of corporate bonds.