HONG KONG Oct 4 Shares of China Evergrande
Group opened 8.8 percent higher on Tuesday after China's No. 2
developer unveiled plans to spin off some Chinese assets and
list them in the Shenzhen stock exchange in search of better
Evergrande opened at HK$5.7 compared with HK$5.24
on Monday, when trading was halted in the afternoon. The
benchmark Hang Seng index was poised to climb 0.3
The company said on Monday it would spin off its Hengda Real
Estate unit to Shenzhen Special Economic Zone Real Estate &
Properties in a transaction that would see
Evergrande become the controlling shareholder of the
The deal in essence would provide a backdoor listing for
Hengda, giving Evergrande "an additional fund-raising platform"
the company said on Monday.
(Reporting by Elzio Barreto and Clare Jim; Editing by