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EGRN - Why China Evergrande Group Stock Just Jumped 13%
Evergreen-Agra Global Investments Inc
China Evergrande Group (OTC: EGRN.F) is in a bit of a bind. At last report, the Chinese property giant had missed the deadline for two separate interest payments to foreign bondholders -- who are starting to look like foreign bag holders, because Evergrande had no trouble finding the money to pay interest on a domestic debt.
And yet, Evergrande stock is looking quite healthy this afternoon, with its shares up 12.7% as of 1 p.m. EDT. Why is that?