EVER­GRANDE SEEKS US$33B VALUE IN SHEN­ZHEN LIST­ING

The Sun (Malaysia) - - SUNBIZ -

HONG KONG: China Ever­grande Group said it is seek­ing a mar­ket value of US$33.7 bil­lion (RM141.4 bil­lion) in its Shen­zhen back­door list­ing that will house most of its prop­erty as­sets, ac­cord­ing to a doc­u­ment for in­vestors seen by Reuters yes­ter­day. The in­jec­tion of as­sets in Shen­zhen Spe­cial Eco­nomic Zone Real Es­tate & Prop­er­ties (Shen­zhen Real Es­tate) is aimed at tak­ing ad­van­tage of higher val­u­a­tions com­manded on the main­land due to a large pool of re­tail in­vestors – mak­ing it eas­ier for heav­ily in­debted Ever­grande to raise funds. The Shen­zhen-listed firm will have most of its prop­erty as­sets as well as a foot­ball club, Guangzhou Ever­grande Taobao Foot­ball Club Co Ltd. – Reuters

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