Shares in China Evergrande jumped almost 13 per cent in Hong Kong after the country’s most indebted property developer confirmed it was in talks to sell stakes in its electric vehicle and property management businesses.
Evergrande’s towering debts and the risk of potential financial contagion have led to volatile trading of the company’s shares and bonds in recent months.
The stock jumped as much as 12.6 per cent on Wednesday and has risen almost 25 per cent this week. But the value of Evergrande shares has fallen by more than half this year.
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