Even allies abandon world’s most indebted developer Evergrande

Two of the property magnate Hui Ka-yan’s staunchest allies appear to be bailing out of China Evergrande Group, selling a large chunk of the developer’s stock ahead of a gathering storm and deteriorating credit ratings over US$300 billion in liabilities.Joseph Lau Luen-hung, the founder of Hong Kong developer Chinese Estates Holdings Limited, and his wife Chan Hoi-wan, sold 138 million Evergrande shares several times in the past month for about HK$500 million (US$64 million) in total, according…