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China Evergrande shares jump after it names state firm official to board

Evergrande's assets are expected to be taken over by state-owned firms in a restructuring led by the Guangdong provincial government

China, Evergrande, Anti-graft
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Reuters
Shares of China Evergrande Group jumped more than 13% on Monday, a day after the embattled developer said it would appoint an official from a unit of state asset manager China Cinda Asset Management to its board.

Evergrande's assets are expected to be taken over by state-owned firms in a restructuring led by the Guangdong provincial government, where the developer is based, and the appointment could signal the restructuring is moving forward.

Shares of the developer also drew support from a Friday report by Financial intelligence provider REDD that said the provincial government was aiming to release a framework debt

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Topics : Evergrande

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First Published: Jan 24 2022 | 10:19 AM IST

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