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Evergrande’s second-biggest shareholder plans to sell entire stake By Reuters

by Mike Robinson

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© Reuters. FILEPHOTO: An unfinished vehicle passes the Evergrande Oasis housing complex in Luoyang. It was built by Evergrande Group on September 16, 2021. REUTERS/Carlos Garcia Rawlins/File Photo

HONG KONG (Reuters) – Chinese Estates Holdings, the second-biggest shareholder of embattled developer China Evergrande, said on Thursday it has sold $32 million worth of its Evergrande stake and plans to exit the holding completely.

Chinese Estates held 6.50% of Evergrande’s equity capital at Sept. 10, according to Refinitiv Ekon data. Accordingly, it stated that they have mandated the sale or partial transfer of Evergrande’s remaining 5.66% stake on the exchange or via block trades.

It stated in a statement that it will keep the disposal mandate valid for 12 month from the date of the shareholders meeting scheduled on September 23rd to approve the sale.

Chinese Estates stated that it has sold 108.91million shares (0.82%) of Evergrande’s issue share capital for HK$246.5 million ($32M).

According to the company, a sale of the whole stake would result in a loss amounting to HK$9486.3 million ($1.22 Billion) over the 12 months ending December 2021.

($1 = 7.7860 Hong Kong dollars)

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