Evergrande Rises 12% as Court Hearing to Wind Up Postponed Again

The share price of Evergrande (HKG: 3333) rose as much as 12% in the morning session on Monday  as a court hearing to wind up the property giant has been postponed yet again.

Evergrande was originally scheduled to face a Hong Kong court hearing on Monday over a petition from Top Shine, an investor in Evergrande unit Fangchebao, seeking to wind up the company. The date was once pushed off from October 30 to December 4 by a high court judge. Evergrande must come up with a proposal to its creditor or face a wind up on December 4.

Shares of Evergrande increased as high as HKD 0.27 early Monday from the closing of HKD 0.24 on Friday, representing a 12% gain.

It was reported that on Thursday proposed creditors a 17.8% stake in the group company, in addition to 30% shareholding in each of its units — Evergrande Property Services Group and Evergrande New Energy Vehicle Group.