Second-biggest shareholder plans Evergrande exit

Selling out: A police officer and security guards stand on duty outside the Evergrande headquarters in Shenzhen. With US$305bil (RM1.3 trillion) in liabilities, the group is struggling to meet its debt obligations. — AP

HONG KONG: Chinese Estates Holdings, the second-biggest shareholder of embattled developer China Evergrande, said it has sold US$32mil (RM134mil) worth of its Evergrande stake and plans to exit the holding completely.

“The directors are cautious and concerned about the recent development of China Evergrande Group including certain disclosure made by China Evergrande Group on its liquidity,” Chinese Estates said in a filing with the Hong Kong stock exchange.