Evergrande chairman sells shares to help stave off company default

Residents pass near the headquarters for Evergrande in Shenzhen in southern China. Picture: AP Photo/Ng Han Guan

China Evergrande Group’s chairman Hui Ka Yan has cut his stake in the company for the first time since it went public in 2009, the latest sign he’s liquidating personal assets to help stave off a default by the world’s most indebted developer.

The company’s soccer stadium has, reportedly, been taken over by a government body with a view to selling it as the developer seeks to cut liabilities.