Developer Evergrande Rises After Making $43 Million Buyback
- Rally began after indebted firm disputed ‘rumors’ of troubles
- China is stepping up scrutiny of country’s property sector
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China Evergrande Group, the country’s most indebted developer, rose in Hong Kong trading after the company bought back HK$336 million ($43 million) of shares.
The stock climbed 2.2% on Tuesday. The company paid HK$11.08 to HK$11.84 apiece for the shares, about 0.2% of issued capital, it said in a filing to the exchange late Monday.