For years, Chinese real-estate tycoon Hui Ka Yan could count on a set of deep pockets whenever trouble struck: his poker friends.
Now, as Hui’s huge China Evergrande Group teeters on the brink, one of those allies from a group of prominent Chinese property moguls — Joseph Lau — is heading for the exit.
Chinese Estates Holdings Ltd., controlled by Lau’s family, sold 350.9 million Hong Kong dollars ($45 million) worth of China Evergrande stock on Monday, days after saying it could unload its entire stake. Chan Hoi Wan, head of Chinese Estates and also Lau’s wife, liquidated her personal stake Monday as well, according to filings in Hong Kong.