May 25, 2017 1:46 pm JST

Shenzhen Investment sells property assets to Evergrande for $788 mln

HONG KONG (Reuters) -- Shenzhen Investment Ltd said it would sell four property and hotel assets to China Evergrande Group for 5.42 billion yuan ($788 million), walking away from projects in third and fourth-tier cities to enhance its financial position.

The Chinese developer said it would book a HK$2.9 billion gain from the sale to Evergrande's Hengda Real Estate Group.

Shares of Shenzhen Investment rose to a 5-week high before paring gains to be up 0.6 percent and in line with the broader market. Evergrande's stock jumped as high as 6.9 percent to a new record of HK$12.46.

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