Evergrande’s Hui Cuts Stake for First Time in Race for Cash
- Billionaire sells holding for equivalent of $344 million
- Chinese developer is burdened with $300 billion in liabilities
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China Evergrande Group Chairman Hui Ka Yan cut his stake in the company for the first time since it went public in 2009, the latest sign he’s liquidating personal assets to help stave off a default by the world’s most indebted developer.
Hui sold 1.2 billion Evergrande shares for the equivalent of $344 million on Thursday, according to a filing to the Hong Kong Stock Exchange. That pares his stake together with that of his wife to 67.87% from 76.96%, the filing showed Friday.