CTRYF - China Evergrande chairman sells of some shares for first time since 2009

For the first time since China Evergrande (OTCPK:EGRNF -5.2%) (OTCPK:EGRNY -3.6%) went public in 2009, Chairman Hui Ka Yan reduces his stake in the company, a sign that he's selling, Bloomberg reports, citing a filing to the Hong Kong Stock Exchange. Hui sold 1.2B Evergrande (OTCPK:EGRNF) on Thursday for the equivalent of ~$344M, paring his and his wife's holdings to ~67.9% stake from ~77.0%. China's regulators have encouraged Hui to use his own wealth to help support the finances of his debt-laden property business. Since July, he has put more than $1B into Evergrande (OTCPK:EGRNF), mostly by pledging shares and selling personal assets, China Business News reported last week. So far, the real estate development company has avoided defaults on its offshore bonds, with the last-minute payments of coupons. In the past six months, China Evergrande U.S.-listed shares slump 79% as peer Country Garden Holdings (OTCPK:CTRYF) shares fall 23% as

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China Evergrande chairman sells of some shares for first time since 2009