Avic Hits 4: week high on sale of property projects to China Evergrande

Continental Aerospace Technologies Holding

02/10/2018 03:48

** Shares of AVIC International Holding (HK) Ltd  0232.HK 
jump 14.9 pct to HK$0.255, the highest since Sept. 4, after the
company says to sell property projects raising capital to fund
acquisition, to repay debt and for working capital 
    ** AVIC has agreed to sell two property projects in China's
Dalian and Chongqing to Hengda Real Estate for 1.83 billion yuan
($266.5 million), as the firm reorganises to focus on aviation
aircraft piston engines market  urn:newsml:reuters.com:*:nFWN1WH0CW
    ** Hengda Real Estate is 63.46 pct owned by China Evergrande
Group  3333.HK  
    ** Shares of China Evergrande falls 2.1 pct to HK$21.45, the
lowest since Aug. 6 
    ** As of last close, AVIC stock had fallen 46.2 percent so
far this year
    ** AVIC has outperformed the Hang Seng Commerce & Industry
Index sector  .HSNC  by 21.9 percentage points in the past one
month
    ** Hong Kong benchmark index  .HSI  falls 1.5 pct
($1 = 6.8680 Chinese yuan)

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