Name: Evergrande Shares Rise as Official Named to Board
Uploaded: 2022-01-25T05:30:22.000Z
Description: Shares in Evergrande Group jumped on Monday, rising as much as 6 percent. The gain came amid rising hopes of help for the country's troubled property firms.

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Shares in Evergrande Group jumped on Monday, rising as much as 6 percent. The gain came amid rising hopes of help for the country's troubled property firms.

That lifted shares across the sector, with Shimao and Agile groups among other gainers.

Evergrande's assets are now expected to be taken over by state-owned firms. The restructuring will be led by the authorities of Guangdong province, where the company is based.

An official from a state asset manager has been named to Evergrande's board, potentially signaling that the plan is moving ahead.

Evergrande remains weighed down by $300 billion in liabilities. That includes $20 billion in international bonds now deemed to be in default after a run of missed payments.

Beijing has already taken steps to restore stability in the sector, including making it easier for state-backed developers to buy assets from troubled firms.

On Monday, Guangzhou-based Agile said it had sold assets to a state-backed firm for close to $300 million.

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