Chinese developer Evergrande shares down after share placement

[HONG KONG] Evergrande Real Estate Group Ltd shares fell more than 16 per cent early on Friday after it offered new shares at a placing price which represented a 17.95 per cent discount.

The share placement on Thursday raised net proceeds of about HK$4.6 billion (S$799.4 million), slightly less than planned.

Evergrande's shares were suspended from trading on Thursday, pending the share offering.

REUTERS