Evergrande Founder Sells 9 Percent Stake for $344 Million Amid Debt Crunch

HONG KONG—The chairman of China Evergrande Group Hui Ka Yan sold 1.2 billion shares in the company at an average price of HK$2.23 each on Thursday, Hong Kong Stock Exchange filings show. The share sale, which is worth a total of HK$2.68 billion ($344 million), lowers Hui’s stake in the Shenzhen-based real estate company to 67.9 percent from 77 percent. Evergrande has been stumbling from debt deadline to deadline as it grapples with more than $300 billion in liabilities. Hui, who is the property developer’s founder, is now freeing up funds by selling luxury assets including art, calligraphy, and three…

Source link : Evergrande Founder Sells 9 Percent Stake for $344 Million Amid Debt Crunch by The Epoch Times

You May Also Like

Huawei’s Global Business Bruised by Trump’s Sanctions

Chinese tech giant Huawei has conceded that U.S. sanctions have hurt its…

1st LD-Writethru: Chinese shares close lower Tuesday

BEIJING, Jan. 25 (Xinhua) — Chinese stocks closed lower on Tuesday, with…

Beijing’s self-sabotage in the South China Sea

Author: Gregory Poling, CSIS The situation in the South China Sea continues…

What Southeast Asia wants from the Biden presidency

Author: Dewi Fortuna Anwar, P2P-LIPI Southeast Asians are predisposed to welcome the…