HONG KONG -- Embattled China Evergrande Group looks set to lose one of its top supporters in another sign of vanishing confidence in the world's most indebted property developer.
Chinese Estates Holdings and its leaders have been involved in almost every Evergrande fundraising since the latter's listing in Hong Kong in 2009. But in a filing on Thursday, the Hong Kong developer disclosed that it had sold 108.9 million Evergrande shares between Aug. 30 and Sept. 21 and said it would look at selling its remaining holding of 751.09 million shares, even though it could realize a loss of up to 9.5 billion Hong Kong dollars ($1.22 billion).
