China Evergrande (3333) spent HK$1.3 billion in two days to raise its stake in its electric vehicles unit, data from the Hong Kong Stock Exchange showed.
The indebted firm bought 22.33 million shares in China Evergrande New Energy Vehicle (0708) at an average price of HK$28.57 yesterday. Its shareholdings rose to 74.03 percent after the deal.
Shares of China Evergrande New Energy Vehicle rose 4.03 percent to HK$28.4 yesterday, while China Evergrande's rose 0.62 percent to HK$16.26.
Meanwhile, China Evergrande reported a 24.3 percent increase in November contracted sales to 46.07 billion yuan (HK$54.52 billion). The contracted sales area increased by 31.7 percent to 5.09 million square meters from a year ago.
For the first eleven months, aggregate contracted sales rose 16.9 percent to 678.66 billion yuan. The total contracted sales area was 75.754 million square meters, representing an rise of about 34.5 percent.
China Evergrande said it outperformed the annual sales target of 650 billion yuan for the year.
In other news, mainland developer Country Garden (2007) saw a 5 percent decline in contracted sales to 57.14 billion yuan last month. The corresponding gross floor area dropped 8.98 percent to 6.61 million sqm, it said.
Yuexiu Property (0123), said its November contracted sales rose 42 percent to 11.07 billion yuan, with corresponding gross floor area up 16 percent to about 415,300 sq.m.
