Shares Worth $1 Billion in HK Clearing System: Evergrande Update
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China Evergrande Group shares worth almost $1 billion appeared in Hong Kong’s Central Clearing and Settlement System, a sign that founder Hui Ka Yan may be pledging part of his stake as collateral for loans.
Billionaire owners of Chinese developers have dipped into their own pockets for at least $3.8 billion to save their companies from default, as a cash crunch engulfs the industry.