Property developer China Evergrande Group said it is seeking a market value of 228 billion yuan ($33.66 billion) in its Shenzhen backdoor listing, according to a document for investors seen by Reuters on Monday.
Evergrande plans to inject all of its property projects, except for two tourism developments, into Shenzhen Special Economic Zone Real Estate & Properties (Shenzhen Real Estate) , and it aims to finish the restructuring by the end of April next year.
Evergrande first announced in early October that it plans to inject almost all of its property assets into a Shenzhen company, orchestrating a backdoor listing in mainland China aimed at boosting its valuation and making it easier for the heavily indebted company to raise funds.
Evergrande said it will become the controlling shareholder of Shenzhen Real Estate after the state-backed Shenzhen developer issues new shares and cash to an Evergrande subsidiary in exchange for China property assets.
- Home Minister Rajnath Singh Assures Safety Of All Tourists Stranded On Havelock Island
- Government To Waive Service Tax On Debit, Credit Card Transactions Of Up To Rs 2,000
- President Pranab Mukherjee Criticises Parliament Disruptions Over Demonetisation
- Pakistan International Airlines Flight Carrying Over 40 Passenger On Board Crashes
- Shah Rukh Khan On Raees Clash With Kaabil: It’s Impossible To Have A Solo Release In India
- US-President Elect Donald Trump Named TIME’s Person Of The Year 2016
- O. Panneerselvam: 10 Things You Need To Know
- PM Narendra Modi Slams Opposition For Not Letting Parliament Function
- Nawazuddin Siddiqui On Working In Raees: Was Nervous To Shoot With Shah Rukh Khan
- Bathinda Dancer Murder: Video Showing Accused Opening Fire At Marriage
- 5 Lesser Known Facts About Sasikala Natarajan
- Congress Leader Shashi Tharoor’s Delhi Home Burgled: Here’s What Happened
- Reserve Bank Of India Keeps Repo Rate Unchanged Post Demonetisation
- Bigg Boss 10 Dec 06 Review: Swami Om Pees In Kitchen
- Lenovo k6 Power Video Review