Novaland Chairman’s Wife to Cut Stake as Company Faces Probe (2)

The wife of Novaland Investment Group’s chairman plans to sell part of her stake in the debt-laden developer, just as the company faces a potential police investigation and struggles to meet bond repayments.

Cao Thi Ngoc Suong will cut her holdings to about 1.6% from 2.5% by selling roughly 17.27 million shares starting next Tuesday for “personal reasons,” Novaland said in a statement Wednesday. Her company, Diamond Properties JSC, one of Novaland’s major shareholders, is also divesting 2.15 million shares to cut its holdings to 7.97% from 8.1%, according to a separate filing.

Novaland said it’s submitted written explanations ...