(Yicai Global) Oct. 19 -- Chinese Estates Holdings Ltd. [HK:0127], a Hong Kong real estate company, has increased its stake in Chinese developer Evergrande Group [HK:3333], bringing the stake held by the former and its major shareholder Chen Kaiyun to nearly 7 percent.
Chinese Estates has upped its shareholding in Evergrande multiple times since April. The company said that it paid USD1.54 billion (HKD12 billion) for 820 million Evergrande shares, accounting for 6.23 percent of those issued.
Chen, executive director of Chinese Estates Holdings, owns 100 million Evergrande shares, accounting for 0.76 percent of those issued. Chen acquired them for HKD2.6 billion.
The share price of Evergrande Group rose as much as 5.6 percent today, before closing at HKD29.2.