China's developer Jiayuan jumps most in near 3-1/2 years on project sale plan

Jiayuan International

02/06/2022 03:28

** Shares of Chinese property developer Jiayuan
International Group Ltd  2768.HK  jump as much as 14.3% to
HK$0.40, the biggest daily pct gain since January 2019 
    ** Stock is the third biggest pct gainer in Hang Seng
Composite Index on properties and construction stocks  .HSCIPC 
    ** Co, with current market value of HK$1.89 bln ($240.87
mln), has agreed to sell its entire stake in developer of a
residential and commercial complex development project in
China's Jiangsu for 879 mln yuan ($131.37 mln) urn:newsml:reuters.com:*:nFWN2XO0Y5
    ** Co says the stake will be sold to an independent third
party Jiaxing Yuetai Property Co, generating liquidity for
working capital and for repayment of liabilities 
    ** As of last close, Jiayuan shares had plunged 86.7% this
year
    ** Hang Seng Mainland Properties Index  .HSMPI  falls 1.6%
and Hang Seng Composite Index on properties and construction
stocks  .HSCIPC  drops 1.7%
    ** Hang Seng Composite Index  .HSCI  slips 1.3% and Hang
Seng Index  .HSI  eases 1.4%
    


($1 = 6.6911 Chinese yuan renminbi)

($1 = 7.8467 Hong Kong dollars)

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