Evergrande said on Thursday that it has raised Rmb39.5bn ($5.8bn) from the sale of property assets as it aims to list its real estate unit in Shenzhen, the Financial Times reports. The sale was done to cut the group’s leverage with the hope of smoothing its passage with regulators when it attempts to relist in Shenzhen, said analysts, probably at a much richer valuation than it trades at in Hong Kong. “They are quite keen to get an A-share listing and to lower their gearing by getting some new investors,” said Alan Jin, an analyst at Mizuho in Hong Kong. The army of investors who own Evergrande’s stocks, bonds and loans are benefiting from the restructuring. The share price has about tripled since the start of the year and the yields on its dollar bonds are tightening. The shares soared 27% on Monday in Hong Kong, adding about $4.7bn to its market value.
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