Fears of a global financial crisis may well have been temporarily curbed following the China Evergrande Group’s sale of its stake in a streaming services firm. But the buyer of Evergrande’s stake in the HengTen Networks Group is now sitting pretty on a huge profit.

Li Shao Yu reportedly purchased the 18 percent stake on November 17 for a discounted price.

Evergrande has been dubbed “the world’s most indebted property firm”.

It is reported to owe more than $300billion (£225billion) in liabilities.

HengTen Networks is the first Hong Kong-listed business to be dropped by the property firm.

Evergrande is having to revert to fairly desperate measures in order to raise money which will be used to make good on its liabilities.

Patrick Wong, a property analyst at Bloomberg Intelligence, said: “It’s good for the short term as liquidity is easing.”

But he added: “This also shows its eagerness of raising cash even as the share price of HengTen has already fallen a lot.”

Evergrande sold its stake in HengTen Networks for HK$1.28 a share.

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Almost $20billion (over £14billion) of Evergrande’s liabilities are international market bonds.

While seeking for different methods to raise the cash, the firm is having to push repayments to the very last minute – in some cases, just before the end of 30-day grace periods which begin after initial deadlines are missed.

The Chinese government recently urged Evergrande founder Hui Ka yan to dig into his own pockets to make sure his company meets its obligations.

Bloomberg now reports that Hui may have pledged a stake worth $1billion (£750million) in his property firm earlier this week.

Meanwhile, the US Federal Reserve has warned that an Evergrande collapse would impact the world, not just China.

In a report, the body said: “Financial stresses in China could strain global financial markets through a deterioration of risk sentiment, pose risks to global economic growth, and affect the United States.”

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