Stock Groups

China Evergrande set to open up 1.8% -Breaking

by Mike Robinson

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(Reuters) – Shares in China Evergrande Group rose by 1.8% after China Evergrande Group’s chairman said that the company would resume building fully and ruled fire sales out.

The opening price of shares was HK$1.70. This is their highest level since Jan. 28, 2008. This is compared with a gain 0.9% in benchmark shares and a rise 1.8% in Hang Seng Mainland Properties Index.

China Evergrande must clear its debts by fully restoring sales and construction activities, not selling assets cheaply, the chairman of its board stated at an internal meeting. He also promised to finish half of all pre-sold houses this year.

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