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China Evergrande shares tumble 17% after stock sale falls short

Private placement proceeds reach only half of developer's $1.1bn target

A person involved in China Evergrande Group's private stock sale on Tuesday said, “To call it a struggle to sell the shares is an understatement.”   © Reuters
NARAYANAN SOMASUNDARAM, Nikkei Asia chief banking and financial correspondent | China

HONG KONG -- Shares of China Evergrande Group, Asia's largest private-sector debtor, slumped on Wednesday after the company revealed it had sold only half as much stock as it had sought to during a private sale on Tuesday evening.

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