Chinese Estates Raises Stake in China Evergrande to 6.23%

By Joanne Chiu Features Dow Jones Newswires

Chinese Estates Holdings Ltd. (0127.HK) has paid around 900 million Hong Kong dollars (US$115.3 million) to raise its stake in China Evergrande Group (3333.HK) in the open market to 6.23% as of September.

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The Hong Kong-listed property investor said Thursday that it bought a 0.23% stake in the Chinese developer last month, adding to the 6% stake it already holds. It paid around HK$12 billion (US$1.54 billion) for the 6.23% stake.

The latest disclosure comes as China Evergrande's shares continue their year-long run. The stock was up 4.6% at HK$31.70 by midday, a fresh record high that puts the year's gain to 556%.

Chinese Estates executive director Chan Hoi-wan, who is also a major shareholder, holds 100 million shares in China Evergrande as of September, the firm said. She paid HK$2.6 billion for the 0.76% stake.

Write to Joanne Chiu at joanne.chiu@wsj.com

(END) Dow Jones Newswires

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October 19, 2017 01:17 ET (05:17 GMT)