Cedar Woods director Robert Brown has sold off just over $4.7 million shares in the company.
Mr Brown is a director of private companies Beach Corporation and Westland Group Holdings, the entities that sold the shares on-market earlier this week.
Beach Corporation offloaded just over $2.7 million worth of shares, while Westland Group sold $2.09 million in stock.
Mr Brown retains $43.7 million worth of shares in the company.
Cedar Woods said the Mr Brown’s sale was part of an internal restructuring of his assets.
The transaction is the second large share sell-off by Mr Brown in just over a year, after he sold around $1.5 million of shares in June last year.
At close of trade today, Cedar Woods shares were down 1.6 per cent, trading at $5.42.