11/29/2021- 9:22 a.m.
Evergrande shares collapse after company’s chairman trims stake
China Evergrande Group’s shares dived as much as 4.8% Monday after chairman Hui Ka Yan divested some of his stake in the embattled company to raise around $344mn.
Hui sold 1.2bn shares Friday lowering his stake from 77% to 67.9% in a desperate attempt to raise capital to tackle its more than $300bn in debt
Investors are waiting to see if the company can meet its Nov. 6 coupon payments totaling $82.5mn which was extended with a 30-day grace which ends Dec. 6.
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