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Shares of China Evergrande and its property unit jump in Hong Kong

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Shares of China Evergrande and its property unit jump in Hong Kong as they resume trading after confirming chairman is under police control

Evergrande shares surged as much as 42.2 per cent to 46 Hong Kong cents in early Tuesday tradeShares of Evergrande Property Services, a subsidiary, rose as much as 14 per cent to 67 Hong Kong centsChina Evergrande GroupJiaxing LiandMia CastagnonePublished: 9:47am, 3 Oct, 2023Why you can trust SCMP

China Evergrande Group’s shares soared as trading resumed in Hong Kong following a two-day halt, after its founder and chairman Hui Ka-yan was placed under so-called mandatory measures by the police in mainland China on suspicion of crimes.

Evergrande shares surged as much as 42.2 per cent to 46 Hong Kong cents in early Tuesday trade, while shares of the company’s Evergrande Property Services unit rose as much as 14 per cent to 67 Hong Kong cents.

Shares of China Evergrande New Energy Vehicle Group, which fell 20 per cent to 56 Hong Kong cents the last time they traded, are still suspended.

The Shenzhen-based developer applied for trading resumptions from the Hong Kong Stock Exchange on Monday, saying there is no other inside information in relation to the company that needs to be disclosed.

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