Evergrande reclaims China property crown

epa05212205 A general view of housing apartment blocks in Beijing, China, 15 March 2016. China's housing market is experiencing steady and healthy development although price divergence in big and small cities pose a challenge for housing market policy controls said China's Housing Minister Chen Zhenggao on 15 March during a press conference on the sidelines of the annual parliament sessions. EPA/HOW HWEE YOUNG

Bloomberg

An unexplained share surge for developer China Evergrande Group on Monday saw the company blow past China Vanke Co. to reclaim the title of biggest Hong Kong-listed Chinese developer by market capitalisation. On a day when positive news for the industry included China Overseas Land & Investment Ltd. upgrading its sales target and Sunac China Holdings Ltd. predicting a 15-fold jump in half-year net income, Evergrande shot ahead by 18 percent— taking this year’s gains to above 355 percent.
The jump is good news for investors including billionaire Joseph Lau’s Chinese Estates Holdings Ltd., which wagered $1 billion on the company this year and said that it may sell when the shares are at “a satisfactory and attractive level.” The
increase left Evergrande with a market capitalisation of $36.9 billion, versus $36.7 billion for Vanke.

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