Chinese Estates Holdings Ltd. sold shares in China Evergrande Group and said it may exit all its holdings, a major withdrawal of support from one of the embattled developer’s long-time backers.
Chinese Estates sold 108.9 million Evergrande shares for HK$246.5 million ($31.7 million) from Aug. 30 to Sept. 21, according to a statement to the Hong Kong exchange Thursday. The Hong Kong real estate firm may sell its remaining 751.1 million Evergrande shares, adding it could take a loss of about HK$9.5 billion if it sold all the stock.
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September 23, 2021 at 07:32AM
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Major Evergrande Backer Chinese Estates May Sell Its Shares - Bloomberg
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