Evergrande Property Eases On HK Debut as Debt, Competition Worries Weigh

Shares of Evergrande Property Services fell marginally on their Hong Kong debut on Wednesday, shedding initial gains as the spinoff of China’s second-largest property developer struggled to shake off worries about debt and competition, Reuters reported. Concerns about the financial health of its parent, China Evergrande Group, have clouded Hong Kong’s third-largest listing of the year, with China’s most indebted developer planning to use half the $1.8 billion raised for its own debt repayment. The stock opened at HK$8.84 per share, a 0.45% premium to the HK$8.80 initial public offer price, but closed 0.2% lower at HK$8.78. It fell as much as 3% during the session. Shares of China Evergrande fell 2.5%, while the Hong Kong market was down 1%. Read more