HONG KONG -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.
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. China Evergrande stock soared as much as 32% in the biggest daily percentage rise since listing in November 2009, after its unit said on Wednesday it had "resolved" a coupon payment on an onshore bond.
The disposal mandate will be valid for 12 months from the date of a shareholders' meeting on Sept. 23 to approve the sale, it said.
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