Evergrande has ally against shorts as billionaire Lau invests
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Shanghai
IT TURNS out China Evergrande Group, the indebted developer which earlier this year fought off short sellers, had a hidden ally.
Chinese Estates Holdings Ltd, the company controlled by Hong Kong billionaire Joseph Lau and his family, bought HK$8.1 billion (S$1.4 billion) worth of Evergrande shares since April, Mr Lau's firm revealed on Wednesday as it announced its interest had passed 5 per cent. The announcement came a day after Bloomberg reported that Lakewood Capital Management is betting against Evergrande stock.
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