The share price of Hong Kong-listed Evergrande Real Estate Group fell 7.1% yesterday after the large-scale integrated Chinese residential property developer raised HK$4.35 billion $561 million from a top-up placement on Wednesday night.
The deal was done at a 6.5% discount and was the largest top-up placement for a Hong Kong-listed company since the start of this year, according to Dealogic data. Some other Chinese property companies have successfully tapped the bond market this year, including Shimao Property and Country Garden.
Evergrande’s follow-on came after its share price had gained more than 65% from a low in September last year. The company has been growing...
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