China Evergrande boss raises HK$2.6b with stake sale

The founder and chairman of troubled mainland developer, China Evergrande, has sold a stake in the firm for HK$2.67 billion.

A stock exchange filing showed Hui Ka-yan sold 1.2 billion China Evergrande shares on Thursday at an average price of HK$2.23.

His stake in the company dropped from 76.96 percent to 67.87 percent.

Shares in China Evergrande closed more than 10 percent lower on Friday at HK$2.5.