Evergrande Real Estate raises $561 million from top-up placement

The share price falls after the capital raising, but Moody’s says the deal will enhance the Chinese property developer’s balance sheet liquidity.

The share price of Hong Kong-listed Evergrande Real Estate Group fell 7.1% yesterday after the large-scale integrated Chinese residential property developer raised HK$4.35 billion $561 million from a top-up placement on Wednesday night.

The deal was done at a 6.5% discount and was the largest top-up placement for a Hong Kong-listed company since the start of this year, according to Dealogic data. Some other Chinese property companies have successfully tapped the bond market this...

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