The founder and president of the Chinese group Evergrande, Hui Ka Yan, on Thursday sold a large part of his shares in the real estate giant, raising the equivalent of about $343 million.
Hui’s participation dropped from almost 77% to 67.9%, the document showed. However, it was not revealed who was the buyer.
Evergrande, which recently reported about $300 billion in debt, has struggled to sell assets to make interest payments and avoid defaulting on its international bonds.
Proceeds from Hui’s sale will be used to finance the developer, said a person familiar with the situation. The company’s priority is to resume work on its housing projects to deliver homes that have already been sold to customers, added the source.
The company itself has sold a variety of assets in recent weeks, including two jets, stakes in a Chinese bank and a residential project in Hong Kong.
Last week, Evergrande said it agreed to unload its remaining 18% stake in a commercial venture with Tencent Holdings.
Reference: CNN Brasil
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