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Reuters

Evergrande’s second-biggest shareholder plans to sell entire stake

HONG KONG (Reuters) -Chinese Estates Holdings, the second-biggest shareholder of embattled developer China Evergrande, said on Thursday it has sold $32 million worth of its Evergrande stake and plans to exit the holding completely. “The directors are cautious and concerned about the recent development of China Evergrande Group including certain disclosure made by China Evergrande Group on its liquidity,” Chinese Estates said in a filing to the Hong Kong stock exchange. With $305 billion in liabilities, Evergrande is struggling to meet its debt obligations and investors worry that the rot could spread to creditors including banks in China and abroad.