Evergrande’s boss forced to sell an additional 277.8 million shares as China’s government says it’s not bailing the property giant out

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  • The sale of 277.8 million pledged shares was due to forced selling by a third party.
  • The forced sales cut Evergrande chairman Hui Ka Yan’s stake in the company from 61.88% to 59.78%.
  • According to Bloomberg calculations, the shares were worth around HK$498 million (US$64 million).
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The chairman and founder of debt-laden Chinese developer Evergrande has been forced to cut his stake in the company, according to filings with the Hong Kong Stock Exchange.

The sale of 277.8 million shares sold last Monday to Thursday was due to forced selling by a third party with whom billionaire Hui Ka Yan pledged the shares. The filings showed that the sale was to enforce a “security interest” in the shares.

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