Hong Kong stocks rise, China Evergrande surges on backdoor listing plan



Oct 4 Hong Kong stocks posted modest gains on Tuesday led by consumer staples and a rally in developer China Evergrande, but gains were capped by concerns that more cities in China may take steps to cool surging property prices.
The benchmark Hang Seng Index ended up 0.5 percent at 23,689.44 points, while the China Enterprises Index gained 0.8 percent at 9,756.77.
China Evergrande surged 12 percent at one point after it said it planned to inject almost all of its property assets into a Shenzhen-listed firm, orchestrating a backdoor listing in the mainland. The stock ended 8.2 percent.
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4 October 2016 in World News, Views: 36
Source: Reuters
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