Evergrande to raise 30b yuan for its Shenzhen backdoor listing

Hong Kong

CHINA Evergrande Group said it would sell 13.16 per cent of the enlarged shares in a property subsidiary to eight investors for a total 30 billion yuan (S$6.3 billion), as part of its Shenzhen backdoor listing plan.

Evergrande said in October that it planned to inject almost all of its property assets, held by the subsidiary, into Shenzhen Special Economic Zone Real Estate & Properties (Shenzhen Real Estate). It said that the deal may include a strategic investment of up to 30 billion yuan.