China Evergrande founder Hui Ka Yan sold his 1.2 billion Evergrande shares on November 25th, raising 2.7 billion $HK – about 0.35 billion USD. Hui Ka Yan’s share ownership has fallen from 70,97% to 61,88%. 

Reuters reported that Hui Ka Yan’s wife Ding Yumei holds about 792 million shares of Evergrande through her wholly-owned Yaohua/Junrong Holdings company. As a result, Hui Ka Yan and his wife’s holdings in Evergrande Group fell from 10,162 billion shares, or 76,96%, to 8,962 billion shares, or 67,87%. reported that Evergrande’s share price fell 10,39% on November 26th, closing at 2.50 $HK about 0.32 USD per share. According to the latest closing price on November 26th, Hui Ka Yan is holding the remaining shares with a value of about 22.4 billion $HK about 2.88 billion USD

According to Reuters, two people familiar with the matter said that the Chinese Communist Party had asked Hui Ka Yan, 63, to use part of his wealth to help Evergrande Group pay off the debt to bondholders. Under pressure from the government, Hui Ka Yan is selling artwork, calligraphy, and two luxury residences to pay off the debt.

In November, China Evergrande sold its overseas subsidiary, e-Traction Auto Technology. British electric motor manufacturer Saietta is purchasing e-Traction from Evergrande for 2.31 million USD.

In addition, Hui Ka Yan mortgaged two luxury homes in Hong Kong. The Wall Street Journal on November 5th revealed that China Evergrande Group raised more than 50 million $USD after selling two private jets in October.

At the end of September, a  subsidiary of China Evergrande sold nearly 20% of shares of Shengjing Bank to Shenyang Shengjing Financial Holding Investment Group, raising nearly 10 billion yuan about 1.57 billion USD.

In addition, Evergrande sold shares of Hengteng Internet on November 4 and 5, raising a total of about 717 million $HK about 92 million USD.

 The Wall Street Journal reported, Evergrande announced on November 25th that it plans to sell its entire stake in a Hong Kong-listed film and television production company for 2.13 billion $HK (about 273.5 million USD).

Commentator Wang Jian said on November 26th that Hui Ka Yan has recently begun speeding up selling Evergrande assets. This shows that Hui Ka Yan miscalculated from the beginning. Xu thought the Chinese Communist Party would save Evergrande. Now, Hui Ka Yan can no longer control Evergrande, and the Chinese Communist Party is doing that.

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