A major shareholder in China Evergrande Group plans to sell all of its stock in the ailing Chinese real-estate developer, potentially incurring losses of more than $1 billion in the process.
Chinese Estates Holdings Ltd. , which is controlled by Hong Kong billionaire Joseph Lau and his wife, Chan Hoi-wan, said Thursday it had recently pared its stake in Evergrande to about 5.7% from nearly 6.5%, and it was seeking shareholder approval to potentially sell the remainder.
