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...

FinanceAsia has updated its subscription model. Registered readers now have the opportunity to read five articles from our award-winning website for free. Please subscribe for unlimited access.

Print Edition

FinanceAsia Print Edition