Evergrande founder offloads roughly 9% stake for $344 million amid debt crisis
Evergrande chairman, Hui Ka Yan, dipping into his own pocket to try and save the debt-stricken firm
According to filings by the HKSE, Hui sold 1.2 billion shares in the company at an average price of HK$2.23 each yesterday - totaling to roughly $344 million - as he tries to follow word from local authorities to use some of his wealth to pay back bondholders.
For those wondering, Evergrande shares closed at $2.50 before the filings were made.
In any case, the sale takes Hui's stake in the firm down from 76.96% to 67.87% as per what is stated in the filings. Of note, he has injected more than $1 billion into Evergrande since July via disposing of personal assets and pledging shares and one can expect that to continue further as the property giant continues to struggle to meet debt obligations.