August 29, 2017 / 1:27 AM / 4 months ago

China's Evergrande shares rise 4 pct after it pledges to slash debt by 2020

HONG KONG, Aug 29 (Reuters) - Shares of China Evergrande Group, the country’s No. 3 property developer, were set to rise 3.95 percent on Tuesday after it pledged to cut its debt by 2020 and posted a jump in first-half profits.

The stock, which has surged close to 400 percent this year, was set to open at HK$23.70.

That compares to a fall of 0.4 percent in the benchmark Hang Seng Index. (Reporting by Anne Marie Roantree; Editing by Clarence Fernandez)

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