Chinese Property Tycoon to Sell Stake as Share Sales Ramp Up

(Bloomberg) — The billionaire owner of Country Garden Holdings Co. Ltd. is selling a stake in a unit to raise about $650 million amid a flurry of share sales by cash-strapped Chinese developers.  

Yang Huiyan agreed to sell 237 million shares of Country Garden Services Holdings Co. Ltd. at HK$21.33 ($2.74), according to a statement to the Hong Kong Stock Exchange on Sunday. That represents a 10.9% discount to the latest closing price.