China Evergrande chairman’s stake drops to 59.8% on forced selling -filing

Reuters

HONG KONG -Chairman Hui Ka Yan’s shareholding in embattled China Evergrande Group has dropped to 59.78% from 61.88%, Hong Kong stock exchange filings showed, in a forced selling by a third party with whom the shares were pledged.

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

The drop was the result of steps taken Dec. 6-9 to enforce a “security interest” in the shares, the filing said.

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Reuters could not immediately determine the identity of the entity which sold the pledged shares.


Ratings agency Fitch downgraded Evergrande, which has more than $300 billion in liabilities, to “restricted default” on Thursday, after the developer missed a deadline this week to pay coupon payments totalling $82.5 million.


($1 = 7.8001 Hong Kong dollars)

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

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