Deals
Hottest Asia Stock Evergrande Fuels 500% Rally With Stake Sale
- Fundraising exceeds previous guidance from the company
- Some analysts raise their price targets for Evergrande
Photographer: Tomohiro Ohsumi/Bloomberg
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China Evergrande Group, Asia’s hottest stock, raised $9 billion 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 percent in Hong Kong on the 60 billion yuan sale. The stock was up 3.4 percent as of 10:49 a.m.