Deals
Evergrande Stock Sinks After Selling Shares Below Range
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Evergrande Real Estate Group Ltd. plunged the most since it went public in 2009 after being forced to cut the price of a share sale that analysts said will do little to reduce the company’s indebtedness.
Evergrande raised HK$4.6 billion ($593 million) of net proceeds selling shares at HK$5.67 each, a statement to the Hong Kong stock exchange Friday showed. The price represents an 18 percent discount to Evergrande’s last close, compared with the 8 percent to 10 percent discount marketed by its arranging banks on Thursday.