trending Market Intelligence /marketintelligence/en/news-insights/trending/kqzld9g72ftkub-1dic9aw2 content
Log in to other products

Login to Market Intelligence Platform

 /


Looking for more?

Contact Us

Request a Demo

You're one step closer to unlocking our suite of comprehensive and robust tools.

Fill out the form so we can connect you to the right person.

If your company has a current subscription with S&P Global Market Intelligence, you can register as a new user for access to the platform(s) covered by your license at Market Intelligence platform or S&P Capital IQ.

  • First Name*
  • Last Name*
  • Business Email *
  • Phone *
  • Company Name *
  • City *
  • We generated a verification code for you

  • Enter verification Code here*

* Required

In this list

China Evergrande unit in talks for controlling stake in Shenzhen developer

How 37 Years of Default Data Can Prepare Us for the COVID-19 Fallout

How 37 Years of Default Data Can Prepare Us for the COVID-19 Fallout

Broadband-Only Homes Surge To 25% Of US Households Ahead Of COVID-19 Crisis

US Pushes Pedal To The Metal On Broadband Speeds Ahead Of COVID-19 Outbreak


China Evergrande unit in talks for controlling stake in Shenzhen developer

ChinaEvergrande Group resumedtrading in Hong Kong after it announced an asset injection plan to secure anadditional fundraising platform for the company.

China Evergrande's Guangzhou Kailong Real Estate Co. Ltd.signed a cooperation deal that involves the sale of its 100% equity interest inHengda Real Estate Group Co. Ltd. in exchange for shares in Shenzhen SpecialEconomic Zone Real Estate & Properties (Group) Co. Ltd.

The proposed reorganization and combination of ShenzhenSpecial and Hengda Real Estate will allow Guangzhou Kailong to become themerged entity's controlling shareholder, subject to regulatory and various otherapprovals.

Prior to the signing of a definitive agreement, Hengda RealEstate may make a strategic investment of up to 30 billion Chinese yuan inShenzhen Special.

The issue price of the shares for the transaction and theconsideration for the merger will be determined at a later date, according to afiling. The parties involved will also enter into an agreement in relation tothe business performance of Hengda Real Estate.  

China Evergrande's board added that the plan will"enable the market to assess the intrinsic value of the company positivelyand reasonably."

The company's shares and debt securities resumed trading inHong Kong on Oct. 4 at 9 a.m., local time, after being halted at the company'srequest the previous day.

Shenzhen Special is basedin Shenzhen, China, and focuses on property holding and development. Thecooperation agreement was also signed with its parent, Shenzhen InvestmentHolding Co. Ltd.

As of Oct. 3, US$1 wasequivalent to 6.67 Chinese yuan.