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China Evergrande extends exclusivity period for Shenzhen spinoff plan

China Evergrande Group's cooperation agreement with Shenzhen Investment Holding Co. Ltd. will continue on an exclusive basis to Dec. 31, as the planned June 30 deadline is approaching with the deal still not completed.

The agreement, which was entered into in October 2016, would allow China Evergrande's Guangzhou Kailong Real Estate Co. Ltd. subsidiary to acquire a controlling stake in Shenzhen-listed developer Shenzhen Special Economic Zone Real Estate & Properties (Group) Co. Ltd. through the sale of Hengda Real Estate Group Co. Ltd.

The 60 billion-yuan reorganization deal is also deemed the Hong Kong-listed Chinese real estate giant's way of listing in Shenzhen.

The extension of the exclusivity period under the cooperation agreement was made effective via a supplemental agreement signed June 13.

As of June 13, US$1 was equivalent to 6.40 yuan.