Shares Resume Trading After Demolition Order: Evergrande Update
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China Evergrande Group shares closed higher after a volatile resumption of trade in Hong Kong, as the company said it would work with authorities following an order to demolish 39 buildings in Hainan province.
News of the demolition order helped trigger a slump on Monday in other developers’ stocks, which rallied on Tuesday. Traders struggled to pin down a major reason for the gains, other than short covering. Evergrande shares ended up 1.3%, after a session that saw the stock rise as much as 10% and drop 2.5%.