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)

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

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