China Evergrande rises 13.9% after deal with Hengda investors

China Evergrande rises 13.9% after deal with Hengda investors

September 30, 2020

HONG KONG (Reuters) – Shares of China Evergrande Group <3333.HK> rose as much as 13.9% after the property developer reached a deal with some investors of its unit Hengda to ease cash-crunch concerns.

The shares rose as high as to HK$18.80 ($2.43), the highest since Aug. 21, and ranked the fifth most actively trade by turnover in early trade.

China second-biggest property developer by sales reached a deal on Tuesday with investors holding 86.3 billion yuan ($12.66 billion) of its unit, Hengda Real Estate, to not ask the debt-laden property developer to repurchase their holdings.

(Reporting by Donny Kwok; Editing by Christian Schmollinger)