Evergrande has ally against shorts as billionaire Lau invests

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.