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9/29/2021, 9:15 AM (Source: TeleTrader)
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Evergrande jumps 12% after selling bank stake

Evergrande Real Estate Group's shares in Hong Kong rose over 12% after the company announced on Wednesday it sold a 19.93% stake in Shengjing Bank worth 9.99 billion yuan ($1.5 billion) to Shenyang Shengjing Finance Investment Group, an asset management company owned by the Shenyang local government.

Evergrande will end up owning 14.75% of Shengjing Bank after the transaction is completed.

The shares of China's embattled property developer rose by 13.11% at 8:57 am CET, selling for HK$3.02.

Baha Breaking the News (BBN) / MS