[Hong Kong, 23rd Reuters]–Chinese real estate developer, Evergrande Group, the second largest shareholder of China’s Evergrande Group, announced on the 23rd that it has sold $ 32 million worth of Evergrande shares. The company has announced a policy to sell its shares.
“The directors are worried and wary of recent developments in the Evergrande Group of China, including some announcements on liquidity,” he said in a document submitted to the Hong Kong Stock Exchange.
According to Refinitiv data, the Chinese company held about 6.50% of Evergrande as of September 10.
The company announced that it sold 108.91 million shares, or 0.82% of the total number of issued shares of Evergrande, for HK $ 246.5 million ($ 32 million) from August 30th to September 21st.
It revealed that it has instructed to sell all or part of the remaining 5.66% in the market or block trade (large-scale bilateral transaction).
The order is said to be valid for 12 months from the shareholders’ meeting on September 23, which approves the sale.
It is estimated that the sale of all of the Evergrande shares held will result in a loss of approximately HK $ 9,486.3 million ($ 1.22 billion) for the full year 2021.