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Evergrande founder divests around 9% stake for $ 344 million amid debt crisis

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Evergrande founder divests around 9% stake for $ 344 million amid debt crisis

| Today Headlines | abc News


Evergrande chairman Hui Ka Yan digging into his own pocket to try to save the indebted company

According to documents filed by HKSE, Hui yesterday sold 1.2 billion shares of the company at an average price of HK $ 2.23 each – for a total of around $ 344 million – as he tries to follow the word of local authorities to use part of its wealth to repay bondholders. .

For those wondering, Evergrande shares closed at $ 2.50 before deposits were made.

Either way, the sale raises Hui’s stake in the business from 76.96% to 67.87%, according to what is stated in the filed documents. It should be noted that it has injected over $ 1 billion into Evergrande since July via the divestiture of personal assets and the pledging of shares and this can be expected to continue as the real estate giant continues to struggle to honor its debts.

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Evergrande founder divests around 9% stake for $ 344 million amid debt crisis

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