Tuesday 19 October 2021
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scmp - 27 days ago

Chinese Estates cuts its losses, heads for exit after 12 years as Evergrande’s staunchest ally and second-largest shareholder

China Evergrande Group’s second-largest shareholder Chinese Estates Holdings has dumped a major chunk of Evergrande shares at a loss and signalled the potential sale of its entire stake, as the staunchest ally that kept the world’s most indebted property developer afloat heads for the exit amid a debt crackdown.Chinese Estates posted a loss of HK$1.38 billion (US$177.2 million) after selling 108.9 million Evergrande shares in the open market for HK$246.5 million, or HK$2.26 each on average from…


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