Evergrande’s founder Hui Ka Yan sold 1.2bn shares in the company at an average price of HK$2.23/share last Thursday, almost a 20% discount to the share price on Wednesday. The total value of the stake sale amounted to HK$2.68bn ($344mn), lowering his overall stake to 67.9% from 77%.
Separately, China Evergrande New Energy Vehicle Group returned many undeveloped plots of land to the Chinese government for RMB 1.28bn ($200mn), as per SCMP. The sale of 2.7mn sq. metres of land is an effort to alleviate its cash crunch and keep operations afloat. The net proceeds, after some confiscations by the government, will be used to fund construction projects, pay wages to migrant workers, and pay for any unreturned land parcels.
Kaisa said it will sell a project in Sai Ying Pun on Hong Kong island for HK$500mn ($192mn), as per Chinese financial platform Cailian. The site will be sold to Far East Consortium and New World JV.
China Overseas Land (CHIOLI)’s subsidiaries have agreed to sell a 30% stake in its Kai Tak project for a total of HKD 1.35bn ($170mn) to Haijian I Investment, an investment company wholly owned by Haijian Fund LP.