HK-listed China Evergrande hits 4-week high on unit's stake sale ahead of IPO

Chinese Estates Holdings

14/08/2020 04:47

** Shares of China Evergrande Group  3333.HK  rise as much
as 7.9% to HK$23.2, their highest since July 15
    ** The stock later trims gains to trade 6.3% higher at
HK$22.85, heading for the best day since July 6
    ** Guangdong-based property developer says it sold 28% of a
property management unit for HK$23.5 bln ($3 bln), bringing in
strategic investors ahead of a possible IPO for the unit
 urn:newsml:reuters.com:*:nL4N2FG0VB
    ** Investors include Chinese Estates Holdings Ltd's
 0127.HK  major shareholder Chan Hoi Wan, Tencent Holdings
 0700.HK , Sequoia Capital and CITIC Capital 
    ** The Hang Seng China enterprises index  .HSCE  gains 0.2%,
while the benchmark  .HSI  slides 0.2%

 (Reuters Messaging: donny.kwok.thomsonreuters.com@reuters.net)