<p>Chinese Estates Holdings, the second-biggest shareholder of embattled developer China Evergrande, said on Thursday it has sold $32 million worth of its Evergrande stake and plans to exit the holding completely.</p>.<p>Chinese Estates, which owned about 6.50 per cent of Evergrande's equity capital as of September 10 according to Refinitiv Eikon data, said it has mandated a sale of all or part of the remaining 5.66 per cent Evergrande stake either on the market or through block trades.</p>.<p><strong><a href="https://www.deccanherald.com/business/oil-climbs-on-tight-supply-renewed-risk-appetite-1033368.html" target="_blank">Read | Oil climbs on tight supply, renewed risk appetite</a></strong></p>.<p>The disposal mandate will be valid for 12 months from the date of a shareholders' meeting on September 23 to approve the sale, it said in a statement to the Hong Kong stock exchange.</p>.<p>Chinese Estates said it had already sold 108.91 million shares, or 0.82 per cent, of Evergrande's issued share capital between August 30 and September 21 for HK$246.5 million ($32 million).</p>.<p><strong>Also Read — <a href="https://www.deccanherald.com/business/dh-deciphers-why-is-the-world-shocked-by-the-troubles-of-a-chinese-company-1033313.html" target="_blank">DH Deciphers | Why is the world shocked by the troubles of a Chinese company?</a></strong></p>.<p>The company estimated that if the entire stake is sold, it will realise a loss of about HK$9,486.3 million ($1.22 billion) for the year ending in December 2021.</p>.<p><strong>Check out the latest videos from <i data-stringify-type="italic">DH</i>:</strong></p>
<p>Chinese Estates Holdings, the second-biggest shareholder of embattled developer China Evergrande, said on Thursday it has sold $32 million worth of its Evergrande stake and plans to exit the holding completely.</p>.<p>Chinese Estates, which owned about 6.50 per cent of Evergrande's equity capital as of September 10 according to Refinitiv Eikon data, said it has mandated a sale of all or part of the remaining 5.66 per cent Evergrande stake either on the market or through block trades.</p>.<p><strong><a href="https://www.deccanherald.com/business/oil-climbs-on-tight-supply-renewed-risk-appetite-1033368.html" target="_blank">Read | Oil climbs on tight supply, renewed risk appetite</a></strong></p>.<p>The disposal mandate will be valid for 12 months from the date of a shareholders' meeting on September 23 to approve the sale, it said in a statement to the Hong Kong stock exchange.</p>.<p>Chinese Estates said it had already sold 108.91 million shares, or 0.82 per cent, of Evergrande's issued share capital between August 30 and September 21 for HK$246.5 million ($32 million).</p>.<p><strong>Also Read — <a href="https://www.deccanherald.com/business/dh-deciphers-why-is-the-world-shocked-by-the-troubles-of-a-chinese-company-1033313.html" target="_blank">DH Deciphers | Why is the world shocked by the troubles of a Chinese company?</a></strong></p>.<p>The company estimated that if the entire stake is sold, it will realise a loss of about HK$9,486.3 million ($1.22 billion) for the year ending in December 2021.</p>.<p><strong>Check out the latest videos from <i data-stringify-type="italic">DH</i>:</strong></p>