 "China, Evergrande, Anti-graft")
Shares of China Evergrande Group jumped more than 13% on Monday, a day after the embattled developer said it would appoint an official from a unit of state asset manager China Cinda Asset Management to its board.
Evergrande's assets are expected to be taken over by state-owned firms in a restructuring led by the Guangdong provincial government, where the developer is based, and the appointment could signal the restructuring is moving forward.
Shares of the developer also drew support from a Friday report by Financial intelligence provider REDD that said the provincial government was aiming to release a framework debt
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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