Evergrande's second-biggest shareholder plans to sell entire stake

Chinese Estates Holdings

23/09/2021 02:30

HONG KONG, Sept 23 (Reuters) - Chinese Estates Holdings
 0127.HK , the second-biggest shareholder of embattled developer
China Evergrande  3333.HK , said on Thursday it has sold $32
million worth of its Evergrande stake and plans to exit the
holding completely.
    Chinese Estates, which owned about 6.50% of Evergrande's
equity capital as of Sept. 10 according to Refinitiv Eikon data,
 said it has mandated a sale of all or part of the remaining
5.66% Evergrande stake either on the market or through block
trades.
    The disposal mandate will be valid for 12 months from the
date of a shareholders' meeting on Sept. 23 to approve the sale,
it said in a statement to the Hong Kong stock exchange. 
    Chinese Estates said it had already sold 108.91 million
shares, or 0.82%, of Evergrande's issued share capital between
Aug. 30 and Sept. 21 for HK$246.5 million ($32 million).
    The company estimated that if the entire stake is sold, it
will realise a loss of about HK$9,486.3 million ($1.22 billion)
for the year ending in December 2021.
($1 = 7.7860 Hong Kong dollars)

 (Reporting by Donny Kwok; Editing by Anne Marie Roantree and
Muralikumar Anantharaman)
 ((donny.kwok@thomsonreuters.com; +852 2843 6470;))