China Evergrande Loses Support of Hong Kong Tycoon Amid Debt Crisis

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.

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