Chinese Estates, Key Evergrande Backer, Cuts Its Stake Further

Chinese Estates has lowered its stake in Evergrande to 2.36%
The Hong Kong developer plans to go private and delist Jan. 13

China Evergrande Group Development in Nanjing — Photographer: Qilai Shen/Bloomberg

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By Venus Feng

November 24, 2021 at 4:21 AM UTC

This article is for subscribers only.

Chinese Estates Holdings Ltd., a long-time supporter of China Evergrande Group, has further cut its stake in the embattled property developer.

The Hong Kong firm, led by Chief Executive Officer Chan Hoi-wan, sold about 270 million Evergrande shares since its last disclosure on Oct. 6, lowering its stake to 2.36% as of Friday, according to a company filing late Tuesday. It revised its expected loss if it got rid of all of its holding to HK$10.6 billion ($1.4 billion) from HK$10.4 billion last month.