Evergrande Shares Worth $1 Billion Appear in Clearing System
- Move could be a signal founder is pledging part of his stake
- Hui is racing to stave off default amid pressure from Beijing
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China Evergrande Group shares worth nearly $1 billion appeared in Hong Kong’s Central Clearing and Settlement System on Friday, a sign that founder Hui Ka Yan may be pledging part of his stake as collateral for loans.
The 2.8-billion share position was reported to CCASS by Haitong International Securities Co., according to the Hong Kong stock exchange website.