Shares of China Evergrande Group jumped more than 13% on Monday, a day after the embattled developer said it would appoint an official from a unit of state asset manager China Cinda Asset Management to its board.
Evergrande's assets are expected to be taken over by state-owned firms in a restructuring led by the Guangdong provincial government, where the developer is based, and the appointment could signal the restructuring is moving forward.
Shares of the developer also drew support from a Friday report by Financial intelligence provider REDD that said the provincial government was aiming to release a framework debt restructuring plan for Evergrande by March.It plans to separate the company's offshore assets and sell them to pay off foreign debt, in a boost to foreign lenders' hopes of recouping some funds, the report added.
The developer said on Sunday it would appoint two new board members, including non-executive director Liang Senlin, chairman of China Cinda Holdings Company Limited, a unit of one of the country's four biggest state asset managers. Evergrande set up a risk management committee last month mostly comprising senior officials from state entities including China Cinda Asset Management.
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