China Evergrande Group said it is seeking a market value of $33.7 billion in its Shenzhen backdoor listing that will house most of its property assets, according to a document for investors seen by Reuters on Monday. The injection of assets in Shenzhen Special Economic Zone Real Estate & Properties is aimed at taking advantage of higher valuations commanded on the mainland due to a large pool of retail investors – making it easier for heavily indebted Evergrande to raise funds. The Shenzhen-listed firm will have most of its property assets as well as a football club, Guangzhou Evergrande Taobao Football Club Co Ltd. At its estimated market value of 228 billion yuan ($33.7 billion), the company would be worth 3.7 times the current Hong Kong-listed firm.
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