Evergrande Founder Cuts Stake to Raise $344 Million

Billionaire Hui Ka Yan sold 1.2 billion shares of China Evergrande Group for HK$2.68 billion ($344 million) as the property giant’s founder and chairman increasingly taps his personal wealth to help bail out the debt-laden company.

It was the first time Hui reduced his stake in the company since it went public in 2009, according to Bloomberg. Evergrande’s Hong Kong-traded shares plunged 10.39% Friday to close at HK$2.5 apiece. The stock has declined nearly 83% this year.