SINGAPORE—China Evergrande Group raised around $145 million in recent days by selling a chunk of its shares in a film production and internet-media company, scraping together more cash as additional bond-payment deadlines loom.

The troubled property giant sold a roughly 5.7% stake in Hong Kong-listed HengTen Networks Group Ltd. over the last three trading days, according to regulatory filings.

HengTen,...

SINGAPORE— China Evergrande Group raised around $145 million in recent days by selling a chunk of its shares in a film production and internet-media company, scraping together more cash as additional bond-payment deadlines loom.

The troubled property giant sold a roughly 5.7% stake in Hong Kong-listed HengTen Networks Group Ltd. over the last three trading days, according to regulatory filings.

HengTen, which produces film and television programs and operates an online-streaming platform and other businesses, was majority owned by Evergrande at the start of this year before a series of share sales by the real-estate conglomerate. HengTen’s other big corporate shareholder is Tencent Holdings Ltd.

The further disposals this month took Evergrande’s stake down to 20.8% from 26.55%, the filings showed. HengTen’s market capitalization stood at $2.43 billion at the close of Hong Kong trading Monday, down sharply from a peak of more than $17 billion in February, according to FactSet.

Evergrande, China’s largest issuer of junk-rated debt with close to $20 billion in dollar bonds outstanding, has so far been able to avert a default by making overdue interest payments on its international bonds shortly before the expiration of their 30-day grace periods. The company made good on $128.5 million in coupon payments in October, the same month it sold two of its private jets to raise cash.

The cash-strapped developer faces another deadline on Nov. 11 to make overdue payments of $148 million on three other sets of bonds, according to debt research firm CreditSights. Another $82 million in interest payments came due this past Saturday on dollar bonds issued by Evergrande’s Scenery Journey unit, and are subject to similar grace periods.

While Evergrande doesn’t have onshore or offshore bonds maturing this year, its dollar debt securities have been trading at deeply distressed levels, indicating investors widely expect the company to eventually default.

“While debt-stricken Chinese developer Evergrande narrowly averted a formal default, a risk remains of a messy collapse that would require one of the biggest restructuring process (sic) in the country’s history,” Pictet Asset Management said in a November investment outlook.

Evergrande has struggled to sell other assets to raise cash offshore. It aborted a plan last month to raise $2.6 billion by selling a majority stake in its property management unit to another Chinese developer, and hasn’t been able to sell its office building in Hong Kong that it paid $1.6 billion for in 2015.

HengTen was formerly known as Mascotte Holdings Ltd. , and used to be a struggling company that principally manufactured and sold photographic accessories. In 2015, Evergrande and Tencent became its controlling shareholders, and helped to revamp and expand the company into new business lines.

In July, Tencent paid Evergrande around $266 million for 7% of HengTen’s shares, increasing its stake in the company to 23.9%. The Shenzhen-headquartered social-media and videogaming giant is now the HengTen’s largest shareholder following Evergrande’s latest share sales.

Evergrande, China’s most indebted property developer, has kept global markets on edge and sparked protests at home as it struggles to survive. WSJ explains why the company’s crisis is raising questions about the state of the world’s second-largest economy. Photo: Alex Plavevski/Shutterstock The Wall Street Journal Interactive Edition

Write to Anniek Bao at anniek.bao@wsj.com