Hui Sells Shares; Beijing Manages Message: Evergrande Update
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China Evergrande Group chairman Hui Ka Yan was forced to sell pledged shares in the company, according to disclosures that came a day after the developer was officially labeled a defaulter for the first time.
Hui sold about 278 million shares on Dec. 6-9, equivalent to just over a 2% stake, according to filings to the Hong Kong stock exchange on Friday. His holding has now fallen to 59.8%. The developer has otherwise stayed silent about its default status, even as a barrage of commentary from China’s top institutions shows authorities are stepping up efforts to manage the international message on Evergrande’s crisis.