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Developer China Evergrande’s shares set to rise 6.6% as restructuring looms

Economy6 minutes ago (Dec 07, 2021 01:30)

© Reuters. FILE PHOTO: The company logo is seen on the headquarters of China Evergrande Group in Shenzhen, Guangdong province, China September 26, 2021. REUTERS/Aly Song/File Photo

HONG KONG (Reuters) – Shares of China Evergrande Group were set to rise 6.6% on Tuesday as the embattled developer moves closer toward a restructuring that has loomed for months over global markets and the world’s second-largest economy.

Evergrande’s stock, which hit a record low on Monday, was set to open up at HK$1.93.

The world’s most indebted developer said on Monday it had set up a risk management committee that included officials from state entities which would play an important role in “mitigating and eliminating the future risks” of the group.

Developer China Evergrande’s shares set to rise 6.6% as restructuring looms

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