HONG KONG - Chinese property developer Evergrande Real Estate Group jumped 13% in its Hong Kong debut Thursday, with its reportedly low valuation attracting investors. The shares ended midday at 3.96 Hong Kong dollars (52 U.S. cents), up from their initial offer price of 3.50 Hong Kong dollars, and after trading as high as 4.20 Hong Kong dollars. The Guangzhou-based company, which has the largest land reserve among mainland Chinese developers, raised $729 million in the IPO. Analysts said the company overstretched itself in a rapid expansion strategy in fiscal 2007 that was then followed by steep discounting the following year, which hurt profit margins.

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