(Updates with closing share prices throughout.)
Dec. 29 (Bloomberg) -- China Overseas Land & Investment Ltd., the biggest mainland developer listed in Hong Kong, dropped to a one-month low after Chairman Kong Qingping reduced his stake by 40 percent over three days.
Kong sold 3.5 million shares from Dec. 20 to Dec. 22, cutting his stake to 5.3 million shares, according to a filing to the Hong Kong stock exchange. That’s less than 1 percent of the outstanding stock, according to data compiled by Bloomberg.
The shares fell 4.9 percent to HK$13.12 at the close in Hong Kong, the lowest since Nov. 30. The retreat made it the second-worst performer today on the MSCI China Index, which tracks shares of Chinese companies in Hong Kong.
“These substantial sales may send a negative signal to the market that the chairman thinks the sector’s stock prices have peaked,” said Wee Liat Lee, an analyst at Samsung Securities in Hong Kong.
Shares of other Chinese developers also dropped in Hong Kong, leading declines on the MSCI China Index. Country Garden Holdings Co. lost 3.9 percent, Agile Property Holdings Ltd. declined 2.7 percent, while Guangzhou R&F Properties Co. fell 3.6 percent.
--Editors: Linus Chua, Andreea Papuc
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