Property developer Jiayuan International said major shareholders forced to sell
STOCKS
Property developer Jiayuan International said major shareholders forced to sell
STOCKS

Property developer Jiayuan International said major shareholders forced to sell

 

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Chinese property developer Jiayuan International said that a total of 1.348 million shares in the company were forcibly sold by a securities company on Friday when the stocks tumbled more than 41% before the trading was suspended.

The shares held by Mingyuan Group Investment Ltd, a controlling shareholder of Jianyuan, which is ultimately controlled by the company’s chairman Shum Tin Ching, were forcibly sold in the open market on 18 May by a securities company through a margin securities account due to a plunge in the value of the securities and the failure in meeting the margin requirement.

The Board said that the company/s business operation remains normal and the company continues to operate its business in its ordinary and usual course.