China Evergrande rebounds from 6-year low, EV unit jumps most in 7 months

Reuters2021-08-27

** Shares of China Evergrande Group rise 5.4% to HK$4.46, the biggest daily percentage gain since Aug. 11 and rebounding from their lowest in over 6 years

** Stock of the China's debt-laden property developer is the second biggest percentage gainer on Hang Seng China Enterprises Index

** Evergrande is set to accelerate asset sales to raise cash, company sources and analysts said

** The provincial government of Guangdong, where China Evergrande is based, is seeking feedback from the debt-laden developer's major banks about forming a creditor committee, financial intelligence provider REDD reported on Thursday, citing two sources briefed by bankers

** Its electric vehicle unit China Evergrande New Energy Vehicle Group soar 23.2% to HK$6.38, the biggest daily percentage gain since Jan. 25

** The EV unit is on track to snap four straight sessions of losses and is the second biggest percentage gainer on the Hong Kong bourse

** The property management unit Evergrande Property Services Group jumps 6% to HK$6.15, the biggest percentage gainer on Hang Seng China Enterprises Index

** The Hang Seng Composite Index tracking properties and construction stocks gains 0.7%

** The Hang Seng China Enterprises Index surges 1.4% and the benchmark index climbs 0.8%

** Stock of China Evergrande Group had fallen 71.6% as of last close

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