Evergrande surges to a record
HONG KONG: Chinese developers extended Asia’s biggest rally this year, with China Evergrande Group surging to a record, here.
Evergrande soared 20 per cent as of 1.31pm local time, while Country Garden Holdings Co and Sunac China Holdings Ltd gained more than eight per cent.
Lianhua Supermarket Holdings Co rallied 24 per cent after Alibaba Group Holding Ltd agreed to buy a stake in the firm.
Shares of Evergrande, the world’s most indebted developer, have more than tripled this year, topping all others on the MSCI Asia Pacific Index.
While the stock isn’t alone among Chinese developers in doing well, the acceleration in gains was raising questions. Bloomberg