Property News · April 27, 2017

Evergrande shares plunge in Hong Kong as buyback close to breaching free float requirement


Mainland Chinese property tycoon Hui Ka-yan has spent more than 6 billion yuan (US$871 million) in the past month to boost the share price of his China Evergrande Group in Hong Kong, but the plan is seemingly backfiring now that the buyback is reaching the upper limit set by the city’s securities regulator, sending the stock plummeting.
The company, China’s largest homebuilder, spent 6.3 billion yuan to buy 5.3 per cent of its shares over the past four weeks, during which time the…

Source : South China Morning Post
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