Short-sellers take on top HK property stock
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.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Brokers’ take: SAC Research initiates ‘buy’ on Soilbuild with S$0.04 target
Aramco to pay US$31 billion dividend as Saudi posts budget deficit
PetroVietnam announces new oil discoveries with initial reserves of 100.5 million barrels
UBS reports first profit since taking over Credit Suisse
Amazon’s AWS commits extra S$12 billion to boost Singapore cloud infrastructure
New Thai finance chief wants monetary, fiscal policies aligned