Surging Evergrande Reclaims China Property Crown From Vanke
Bloomberg Intelligence's Patrick Wong reports on the performance of Chinese developers. He speaks on 'Bloomberg Daybreak: Asia.' (Source: Bloomberg)
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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.