Ever­grande surges to a record

New Straits Times - - Business -

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

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