Evergrande Crisis


China Evergrande’s top insider sold his holding of dollar-denominated bonds.

Issued by the developer in a series of transactions in August last year.

Before its liquidity crisis worsened and led to a debt default.

Xia Haijun, vice-chairman and chief executive of the Shenzhen-based developer.

Sold US$50 million in face value of the notes due in 2022.

US$50 million of the notes are due in 2023, and US$28 million of the notes are due in 2025.

The bonds were sold at prices between 35.9 cents and 52.4 cents on the dollar from July 27 to August 17.

Generating a total of US$56.5 million of proceeds.  His purchase cost was not disclosed.

He also did not explain why it took more than five months to report the changes.

Prices have since slumped below 15 cents since Evengrande defaulted in December.

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