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China Resources Land shares jump after $582 mln deal

Mon Dec 3, 2007 9:12pm EST

Stocks

   

HONG KONG, Dec 4 (Reuters) - Shares of China Resources Land (1109.HK) rose more than 7 percent in early Tuesday trading on Tuesday after the company said it would buy property interests from its parent for US$582 million.

The stock rose to 7.8 percent to HK$20.40 before retreating slightly to HK$19.90 by 0205 GMT.

The Chinese property developer said it would issue 269.09 million new shares to its controlling shareholder for interest in three sites in China's Dalian, Hangzhou and Wuxi cities.

For details please click here ($1=HK$7.788) (Reporting by Alison Leung, editing by Dominic Whiting)



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