Chinese Estates and Chan spent years helping Hui Ka Yan raise cash for his empire and at one point had an Evergrande stake of almost 9%.
HONG KONG: Chinese Estates Holdings Ltd, a long-time supporter of China Evergrande Group, has further cut its stake in the embattled property developer.
The Hong Kong firm, led by chief executive officer Chan Hoi-wan, sold about 270 million Evergrande shares since its last disclosure on Oct 6, lowering its stake to 2.36% as of Friday, according to a company filing. It revised its expected loss if it got rid of all of its holding to HK$10.6bil (US$1.4bil or RM5.9bil) from HK$10.4bil (RM5.6bil) last month.
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