Property News · September 25, 2020

Indebted developer China Evergrande gets approval to spin off property management business, raise fresh capital in Hong Kong


Indebted mainland property developer China Evergrande said on Friday it had received approval from the Hong Kong exchange to spin off its property management business, which would allow it to raise fresh capital.The Shenzhen-based company, China’s biggest property developer, made the proposal on July 31 and will soon apply to list the business in Hong Kong, according to a filing with the exchange late on Friday.The spin off could help Evergrande raise up to HK$40 billion (US$5.2 billion),…

Source : South China Morning Post
Read more…Indebted developer China Evergrande gets approval to spin off property management business, raise fresh capital in Hong Kong