Sunac Further Cuts Stake in Ke Holdings to Raise Funds

What’s new: Chinese real estate developer Sunac China Holdings Ltd. sold $530 million of shares in New York-traded Ke Holdings since Oct. 29, slashing its holding in the operator of real estate agency Lianjia to less than 1%.

The sales brought Sunac’s total disposals of Ke stock to $1.08 billion since June 1, the company said. The property company has been raising large amounts of cash in the face of tightening credit under the weight of Chinese government pressure.