China Fortune Land Development (CFLD) announced that its chairman Wang Wen-Xue’s stake in the company has been lowered to 27.39% from 36.02%, though he remains the controlling shareholder. As per IFR which cites an exchange filing, the reduction in his stake was on account of forced selling of shares pledged against borrowings and the conversion of exchangeable corporate bonds. The chairman along with persons acting in concert still hold a combined 28.57% in CFLD. CFLD’s dollar bonds were flat with their 8.05% 2025s at 41.
CFLD Chairman’s Stake Reduced on Forced Selling
