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Short-sellers take on top HK property stock
Add BT as a preferred sourcePublished Mon, Oct 5, 2015 · 09:50 PM
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Hong Kong
EVERGRANDE Real Estate Group Ltd, the best-performing major property stock traded in Hong Kong this year, is also the most-shorted and lowest-rated among peers.
Some reasons: The developer, controlled by billionaire chairman Hui Ka Yan, has bought back shares to help boost prices and has been piling on debt, leading analysts and some investors to bet that increases won't be sustainable. The shares, which defied a slumping market to increase in July and slip only 0.6 per cent amid a rout in August, led declines among property developers in September.
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