(Reuters) – Shares of China Evergrande Group were set to open up 1.8% on Thursday after the chairman of the world’s most indebted property developer said it would resume construction fully, and ruled out fire sales.
Shares were set to open at HK$1.70, their highest since Jan. 28. That compared to a gain of 0.9% in the benchmark Hang Seng Index and a rise of 1.8% in Hang Seng Mainland Properties Index.
China Evergrande needs to clear its debt by fully restoring construction and sales activities and not by selling assets on the cheap, its chairman told an internal meeting, vowing to complete half of pre-sold homes this year.
(Reporting by Donny Kwok; Editing by Clarence Fernandez)