Evergrande gets fresh guidance on stock

Staff reporter

China Evergrande (3333) announced that it received additional resumption guidance from the Stock Exchange on June 27. The stock has been suspended since January 29 and will remain suspended until further notice.

The resumption guidance includes the withdrawal or lifting of the winding up order against the developer, as well as any liquidators discharged; demonstrations of its compliance with Rule 13.24; and disclosure of all material information to the market.

Meanwhile, prices of second-hand homes in 100 cities across China dropped by a cumulative 3.61 percent in the first half and for the 26th consecutive month, according to a report from China Index Academy.

The number of cities experiencing month-on-month price drops has exceeded 90 for 13 consecutive months, the report said.

Meanwhile, prices of new homes in these cities saw a cumulative increase of 1.24 percent.

New home sales showed a nearly 40 percent decline year-on-year, but in June, the decline narrowed to 20 percent with a month-on-month increase of about 10 percent.

Citigroup analysts believe Hong Kong-listed mainland developers may see short-term opportunities ahead of key meetings this month amid a narrowing sales decline. The third plenary session of the Communist Party of China Central Committee will be held in Beijing this month.