Evergrande’s staunchest allies drop out as Chinese property developer’s creditworthiness deteriorates amid debt woes

//Evergrande’s staunchest allies drop out as Chinese property developer’s creditworthiness deteriorates amid debt woes

Evergrande’s staunchest allies drop out as Chinese property developer’s creditworthiness deteriorates amid debt woes

Two of the property magnate Hui Ka-yan’s staunchest allies appear to be bailing out of China Evergrande Group, selling a large chunk of the developer’s stock ahead of a gathering storm and deteriorating credit ratings over US$300 billion in liabilities.Joseph Lau Luen-hung, the founder of Hong Kong developer Chinese Estates Holdings Limited, and his wife Chan Hoi-wan, sold 138 million Evergrande shares several times in the past month for about HK$500 million (US$64 million) in total, according…

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By | 2021-09-17T08:02:53+00:00 September 17th, 2021|Business|Comments Off on Evergrande’s staunchest allies drop out as Chinese property developer’s creditworthiness deteriorates amid debt woes