China Evergrande’s Billionaire Founder Sells $343 Million Stake

The founder and chairman of China Evergrande Group , Hui Ka Yan, has sold a large chunk of his shares in the cash-strapped property company, raising the equivalent of about $343 million.

A filing Friday showed the sale, conducted a day earlier, reduced Mr. Hui’s stake in Evergrande to 67.9% from nearly 77%. The disclosure didn’t show who bought the shares.