China’s Evergrande chief’s share in the service unit drops in mandatory sales
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HONG KONG (Reuters) – China Evergrande Group’s shareholding in the property services unit fell to 58.18% from 60.96% to 60.96% after a third party was forced to sell its seized shares, according to a Hong Kong stock exchange statement.
The number of shares in the Evergrande Property Services Group involved was $ 300 million, and the fall was the result of measures taken on December 20 to enforce the rights to shares they had as collateral against President Hui Ka Yan, the dossier says.
Reuters could not immediately determine who sold the seized shares.
The stake was worth HK $ 798 million ($ 102.32 million), based on the closing price of HK shares of $ 2.66 per day.
Shares of Evergrande Property Services Group ended 1.5% lower on HK $ 2.63 on Friday.
Evergrande Group, which faces more than $ 300 billion in liabilities and is in danger of becoming China’s biggest failure ever, has made an effort to raise money by selling assets and shares.
Huik’s stake in Evergrande Group fell to 59.78% at the beginning of the month, even in compulsory sales.
($ 1 = $ 7.7989 Hong Kong dollars)
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