Emerging-Markets Investor Ashmore Exited Bet on China Evergrande
- Asset manager sold last of Evergrande holdings late last year
- Firm was on creditor committee negotiating with Evergrande
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Ashmore Group Plc, once a major holder of China Evergrande Group’s offshore debt, fully exited its investment in the embattled property developer late last year, according to people with knowledge of the matter.
The emerging markets-focused asset manager finished selling its holdings after Evergrande’s long-negotiated restructuring plan was sidelined in September amid resistance from regulators and the detention of Chairman Hui Ka Yan, said the people, who asked to not be identified because the information is private.