Evergrande Chairman Sells Shares as Beijing Controls Narrative

(Bloomberg) — China Evergrande Group Chairman Hui Ka Yan was forced to sell pledged shares in the company, according to disclosures that came a day after the developer was officially labeled a defaulter for the first time.

Hui sold about 278 million shares Dec. 6–9, equivalent to just over a 2% stake, according to filings Friday with the Hong Kong stock exchange. His holding has now fallen to 59.8%. The developer has otherwise stayed silent about its default status, even as a barrage of commentary from China’s top institutions shows authorities are stepping up efforts to manage the international message on the Evergrande crisis.