China Evergrande spinoff's market debut falls flat in Hong Kong

Property Services unit drops below offering price after $1.8bn IPO

20201202 CHINA EVERGRANDE

China Evergrande Group is working to boost its finances and alleviate a liquidity crunch. © Reuters

NARAYANAN SOMASUNDARAM, Nikkei Asia chief banking and financial correspondent

HONG KONG -- The market debut of Evergrande Property Services fell flat on Wednesday, underscoring investor nervousness over the health of its parent company, Asia's biggest private-sector debtor.

Shares of the property management unit opened at HK$8.84, up from an issue price of HK$8.80, but then dipped as low as HK$8.54 before closing at HK$8.78. The Hang Seng Index edged 0.1% lower.

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