Stock Groups

China Evergrande chief’s stake in services unit drops on forced selling

by Mike Robinson

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© Reuters. FILEPHOTO: A sign for the China Evergrande Centre is visible in Hong Kong China on December 7, 2021. REUTERS/Tyrone Siu

HONG KONG (Reuters – China Evergrande Group’s Chairman in its Property Services Unit has dropped to 58.18%, from 60.96%. This was due to the forced sale of pledged shares made by a third party.

Evergrande Property Services Group share involved in the incident was 300,000,000. This was because of the steps taken by the company on December 20th to protect the shares being held against Hui Ka Yan.

Reuters couldn’t immediately identify the person who had sold the pledged stock.

According to the stock’s closing prices of HK$2.66, it was approximately HK$798,000,000 ($102.32 Million).

Evergrande Property Services Group shares ended Friday 1.5% lower at HK$2.63.

Evergrande Group has over $300 Billion in debts and is at high risk of default. Evergrande Group tried to find cash through the sale and purchase of shares and assets.

Hui’s own stake in Evergrande Group dropped to 59.78% during the month. This was also due to forced selling.”

($1 = 7.7989 Hong Kong dollars)

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