Greentown surges in HK on share sale

Hong Kong

GREENTOWN China Holdings Ltd, whose chairman ended a share sale to a rival developer, surged the most in 2½ years in Hong Kong after it agreed to sell 24 per cent of the company to a state-owned construction group.

The shares of Greentown, based in Hangzhou in eastern China, rose 22 per cent, the most since June 2012, to HK$7.75 as at 10:34 am local time. It resumed trading on Wednesday after the stock was suspended on Dec 22. The shares had dropped 10 per cent on Dec 19 when Greentown said that the plan to sell a same-sized stake to Sunac China Holdings Ltd was terminated.