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Evergrande shares dive after chairman sells stake

11/29/2021 | 09:05am EST

Shares in troubled developer China Evergrande tumbled on Monday (November 29), closing down almost 9%.

The fall came after news late last week that the firm's chairman had sold a big part of his stake.

Hui Ka Yan sold 1.2 billion shares, raising around $344 million.

Chinese authorities have told him to use some of his wealth to help pay the company's debts.

Shares in Evergrande's electric vehicle unit also dropped sharply Monday, after the firm said it was seeking ways to pump more capital into the operation.

The developer has been scrambling to raise capital as it grapples with over $300 billion in liabilities.

Investors are on tenterhooks waiting to see if it can make missed bond coupon payments within a grace period.

The firm's woes are rattling the whole sector.

On Monday, rival Fantasia Holdings suspended trading in its shares pending the release of new information.


ę Reuters 2021
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