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China Evergrande reaches debt deal to relieve deadline pressure

Country's largest developer had pledged to secure domestic listing by January

China Evergrande Center in Hong Kong: Evergrande is China's biggest and most indebted real estate group.   © Reuters

HONG KONG -- China Evergrande Group, the nation's largest and most indebted property developer, late on Tuesday said that it had reached a deal with investors that will eliminate a looming January debt repayment deadline.

Investors welcomed the news, pushing Evergrande's shares up 12.9% in early trade in Hong Kong on Wednesday to HK$18.62.

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