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China Evergrande to move skill section behind to mainland by backdoor listing

Hong Kong-listed China Evergrande Group is bringing a core skill business behind to a mainland Chinese batch marketplace by a merger of a Shenzhen listed developer.

Shenzhen Special Economic Zone Real Estate Properties will buy 100 per cent of a equity seductiveness in Hengda Real Estate, a skill section of Evergrande, by distribution of A shares or money payment.

Kailong Real Estate, a primogenitor of Hengda Real Estate, will turn a determining shareholder of Shenzhen Real Estate, according to Evergrande’s matter to a Hong Kong batch sell Monday.

Evergrande’s shares in Hong Kong were dangling from trade on Monday afternoon, with trade approaching to resume on Tuesday morning.