HONG KONG (Reuters] – Sunac China Holdings Ltd reported Wednesday that $530 Million worth of American Depositary Shares (ADS) were sold by Sunac China Holdings Ltd to fund working capital. These shares are part of a platform called KE Holdings Inc, which is a Chinese service and housing transaction company.

It was reported that the Chinese property developer had made sales of 26.71million ADSs of KE Holdings between Oct. 29th and Dec. 7. This amounts to 80.14million KE Holdings class A ordinary shares in open market.

Sunac China with a market capital of HK$77.65 Billion ($9.96B) said that between June 1, and Dec. 7, it had sold 45.35 M ADS of KE Holdings totaling $1.084 Billion.

Sunac Chairman Sun Hongbin declared that “the disposals, realising it’s financial investment as schedule, are conducive for the group in focusing its development of its primary business and further optimizising the assets structure of the group.”

Developer said that it anticipated a loss prior to taxation of 5.63 trillion yuan ($884.58million) following the disposal. This was in addition to its previous sale, which occurred in 2021.

Sunac China invested more than 4 years in KE Holdings and is positive about its future growth. The company did not disclose its remaining holdings after disposal.

($1 = 7.7991 Hong Kong dollars)

($1 = 6.3646 renminbi)