Key Evergrande Shareholder Sells $11 Million More Amid Crisis

(Bloomberg) — Chan Hoi Wan, the wife of billionaire Joseph Lau, sold an additional HK$87.5 million ($11.2 million) of shares in China Evergrande Group, underscoring investor concern over the Chinese developer’s escalating troubles.

Chan sold 24.4 million shares at an average price of HK$3.58 each last Friday, according to a Hong Kong exchange filing. That reduced her stake in the real estate company to 7.96% from 8.15%.

The sale marks at least the second time in a month that Chan — whose tycoon husband has been a long-term ally of Evergrande founder Hui Ka Yan — has cut her stake in the world’s most indebted developer.

The outlook for Evergrande is deteriorating by the day as the company and local government hire advisers for what could be one of the country’s largest-ever debt restructurings. Protests against the company broke out across the country after Evergrande failed to pay retail investors in its high-yield products on time.

In early September, Chan, the chief executive officer of Chinese Estates Holdings Ltd., said she and her husband would continue to support Evergrande’s development as shareholders.

Evergrande continued its plummet Thursday, falling 6.4% to HK$2.63 in Hong Kong, a 10-year low. Its onshore bonds were halted after domestic risk assessor China Chengxin International Credit Rating Co. lowered the company and nine notes to A from AA.

Download our app to receive breaking news alerts and read the news on the go.

Get our weekly free Must-Read newsletter.