EGRNF - China Evergrande breaks higher in Hong Kong

China Evergrande Group (EGRNF) rose 20.61% in Hong Kong trading today after the company reported that its debt-cutting measures were working and the Hong Kong exchange approved its spinoff plan. The company says total indebtedness fell by 53.4B yuan ($7.8B) over the six months ended September 24, while financing costs had dropped 2.24%. China Evergrande also notes it prepaid 43.5B yuan of loans due after September 25. S&P Global on China Evergrande: "We revised the outlooks to negative because Evergrande's short-term debt has continued to surge, partly due to its active acquisition of property projects. We had previously expected the company to address its short-term debt, especially given the tough economic climate. In addition, we believe Evergrande will have to repay a portion of its sizable A-share strategic investments. This could further weigh on the company’s weaker-than-peer liquidity profile." Shares of China Evergrande were very volatile last week on cash crunch

For further details see:

China Evergrande breaks higher in Hong Kong