Chinese property developer Sunac China Holdings reported on Wednesday that it had sold $530 million of American depositary shares (ADS) of KE Holdings, a Chinese property services platform, in order to generate working capital, reports Reuters. Sunac had sold an aggregate 26.71 million ADS of KE Holdings, equivalent to 80.14 million KE Holdings Class A ordinary shares, in the open market between October 29 and December 7, it said in a filing to the Hong Kong bourse.
Sunac China, with market value of $9.96 billion, said it had sold an aggregate 45.35 million ADS of KE Holdings for $1.084 billion between June 1 and December 7.
“The disposals, realizing its financial investment as scheduled, are conducive to the group in focusing on the development of its main business and further optimizing the asset structure of the group,” Sunac Chairman Sun Hongbin said.
The developer said it expected to record a loss before taxation of RMB 5.63 billion ($884.58 million) from the latest disposal in 2021.