Future

China Evergrande step closer to default

2 days ago   |   By RT

A major shareholder and long-time supporter of embattled property developer China Evergrande Group has slashed its stake in the company and is planning to dump all of its shares in the near future.
Once the property giant's second-biggest shareholder, the Hong Kong-based Chinese Estates Holdings has sold about 270 million Evergrande shares, according to this week's company filing. The firm already slashed its Evergrande holdings in September, cutting them by nearly one third from 6.48%. As of November 19, its stake dropped further to 2.36%.
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