Chinese Estates surges most in 15 months on Evergrande exit plan

Chinese Estates Holdings

23/09/2021 03:49

** Shares of Chinese Estates Holdings Ltd  0127.HK  surge as
much as 15.1% to HK$2.51, posting their biggest intraday pct
gain since June 2020
    ** Co, the second-biggest shareholder of embattled developer
China Evergrande  3333.HK , says it has sold $32 mln worth of
its Evergrande stake and plans to exit the holding completely
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    ** Co owned about 6.50% of Evergrande's equity capital as of
Sept. 10, according to Refinitiv Eikon data
    ** China Evergrande shares surge as much as 32%, heading for
best day since listing in November 2009, after a unit said on
Wednesday it had "resolved" a coupon payment on an onshore bond
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    ** The Hong Kong Hang Seng sub-index tracking property firms
 .HSNP  jumps 4.1% and the Hang Seng Composite Index tracking
properties and construction stocks  .HSCIPC  rises 3.9%
    ** The Hang Seng China Enterprises Index  .HSCE  climbs 2.2%
and the benchmark index  .HSI  gains 1.6%
    ** As of last close, Chinese Estates' stock had fallen 42.3%
this year 

 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))