Surging Evergrande Reclaims China Property Crown From VankeBloomberg News
An unexplained share surge for developer China Evergrande Group on Monday saw the company blow past China Vanke Co. to reclaim the title of biggest Hong Kong-listed Chinese developer by market capitalization.
On a day when positive news for the industry included China Overseas Land & Investment Ltd. upgrading its sales target and Sunac China Holdings Ltd. predicting a 15-fold jump in half-year net income, Evergrande shot ahead by 18 percent -- taking this year’s gains to above 355 percent.
The jump is good news for investors including billionaire Joseph Lau’s Chinese Estates Holdings Ltd., which wagered $1 billion on the company this year and said on Monday that it may sell when the shares are at “a satisfactory and attractive level.”
The increase left Evergrande with a market capitalization of $36.9 billion, versus $36.7 billion for Vanke. Evergrande on July 27 had briefly risen above Vanke by that measure, before a pull back in shares.
— With assistance by Paul Panckhurst, Emma Dong, and Moxy Ying