Hui Ka Yan sold 1.2bn shares in his company on Thursday for $344m, cutting his stake to 67.9% from 77%. Once China's richest man, he could be broke by mid-2022 if the crisis doesn't ease soon
The sale comes less than 18 months after developer acquired plot from indebted Goldin Financial Holdings for HK$7 billion.
Debt-laden developer Kaisa plans an 18-month extension for its $400m dollar bond maturing on Dec 7, business intelligence group Redd said. Chengdu city moves to help developers' liquidity.
Offshore bondholders of the embattled Kaisa Group who did not receive coupon payments this month have tapped investment bank Moelis & Co to advise them how to proceed
The group's shares plunged more than 15% on Thursday to an all-time low and the stock has fallen more than 70% this year
Real estate developer's shares hit an all-time low on Thursday. Weak sales and a missed payment have heightened worries about debt-strapped firm's liquidity crunch
Kaisa is seeking buyers for its Hong Kong-listed property management unit and two residential sites in the city, people with knowledge of the matter said on Friday.
Developers took a drubbing on Thursday, with shares and bonds falling, creditors seizing assets and more downgrades from rating agencies ahead of a new debt deadline for Evergrande Group.
The property giant is desperately looking to raise funds to pay its many lenders and suppliers, as it teeters on the edge of a formal default on one of its international bonds