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Shares of chairman of China Evergrande fell to 59.8% due to forced sales | WSAU News / Talk 550 AM · 99.9 FM

HONG KONG (Reuters) – Chairman Hui Ka Yan’s stake in China Evergrande Group fell from 61.88% to 59.78% from 61.88%, Hong Kong stock exchange filings show. a forced sale by a third party who pledged shares.

The number of shares involved was 277.8 million, worth approximately HK$492 million ($63.08 million) based on Friday’s closing price of shares of HK$1.77.

The price drop was the result of steps taken December 6-9 to enforce a “security interest” on the stock, the filing said.

Reuters could not immediately identify the entity that sold the pledged shares.

Ratings agency Fitch downgraded Evergrande, which has more than $300 billion in debt, to “limited defaults” on Thursday, after the developer missed a deadline this week for payments. coupon payments totaling $82.5 million.

(1 dollar = 7,8001 Hong Kong dollars)

(Reporting by Clare Jim; editing by Kevin Liffey and Jason Neely)

https://wsau.com/2021/12/10/china-evergrande-chairmans-stake-drops-to-59-8-on-forced-selling-filing/ Shares of chairman of China Evergrande fell to 59.8% due to forced sales | WSAU News / Talk 550 AM · 99.9 FM

Dais Johnston

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