SHANGHAI: China Evergrande Group, Asia’s hottest stock, raised US$9bil from selling a stake in a property unit, exceeding its previous guidance for the fundraising and providing more fuel for a rally that has crushed short-sellers.
The residential developer, which has projects across mainland China, surged as much as 8.5% in Hong Kong on the 60 billion yuan sale. The stock was up 3.4%.
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