Shares in China Evergrande rose as much as 9.2 per cent on Tuesday to a record high after China’s second-largest, but most-indebted, property developer announced plans to redeem all of its remaining perpetual bonds by the end of June.
Evergrande announced in a statement to the Hong Kong stock exchange late on Monday it had redeemed another Rmb24.4bn ($3.6bn) in perpetual bonds.
The news saw Evergrande make more progress on its push to cut debt, which analysts have described as at dangerous levels, and costly to service.
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