Updates stock price, adds units listing plans
HONG KONG, Sept 30 (Reuters) – Shares of China Evergrande Group 3333.HK rose as much as 17.9% after the property developer reached a deal with some investors in its unit Hengda Real Estate to ease cash-crunch concerns.
The shares rose as high as to HK$19.46 ($2.51), the highest since Aug. 21, and ranked the fifth most actively traded by turnover in morning trading.
China second-biggest property developer by sales reached a deal on Tuesday in which investors holding 86.3 billion yuan ($12.66 billion) of Hengda agreed not to ask the debt-laden property developer to repurchase their holdings.
The Guangzhou-based developer also said its property-management services unit, Evergrande Property Services Group Ltd, has submitted an application for a listing on the Hong Kong bourse. Reuters publication IFR had reported the float would raise $2 billion.
The statement came days after the