Hong Kong-listed shares of investment holding firm Chinese Estates surged on Thursday after the firm announced plans to potentially dispose of its entire stake in debt-ridden developer China Evergrande Group.

Chinese Estates stock rose to 15.14% Thursday morning. The gains were partially retracted in the trading session but the stock was up 5.5% at the end of the day.

The gains came after Chinese Estates announced it had sold more than 108 million shares in China Evergrande Group — representing about 0.82% of Evergrande’s issued share capital — from Aug. 30 to Sept. 21. Chinese Estates reported on Thursday that the average selling price for these shares was 2.26 Hong Kong dollar (roughly $0.29).

Chinese Estates, an investment holding company, also announced plans to get shareholder approval for possible disposal of Chinese Estates remaining shares in China Evergrande Group. These shareholdings represent approximately 5.66% the developer’s total issued capital.

China Estates filed that it was “cautious, concerned” by recent developments in China Evergrande Group.

Its Chairman Lau Ming-Wai had just told Emily Tan on CNBC that Beijing “all the tools” necessary to resolve the Evergrande issue.

Lau stated that “the mainland government has a lot of experience in dealing with shocks and crises (natural or man-made)”. “I think they have all the tools in their tool box — whether it’s monetary or fiscal, to solve this.”