UPDATE 1-Investors in Renhe sell $87 mln in shares

(Updates with pricing)

HONG KONG, April 3 (Reuters) - Investors in China's Renhe Commercial Holdings Co Ltd (1387.HK) sold $87 million worth of shares in the developer of underground shopping malls in a block trade, according to a person familiar with the deal.

The sellers -- Ever Union Capital Ltd, Bookman Properties Ltd and Rich Crown Investments Ltd -- sold 400 million shares at HK$1.70 each, the middle of a HK$1.68-HK$1.72 indicated range, in a deal handled by Morgan Stanley (MS.N).

The deal was priced during the midday break on Friday, and shares in Renhe skidded in the afternoon session, from HK$1.86 at midday to close at HK$1.65. The stock was down nearly 15 percent on the day.

Renhe went public in October in an IPO that raised $435 million.

(Reporting by Tong Munroe, Editing by Jacqueline Wong)

((tony.munroe@thomsonreuters.com; Reuters Messaging: tony.munroe.reuters.com@reuters.net; +852 2843 6358, Fax +852 2845 0636))

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