Guangzhou R&F Properties shares rose sharply on Tuesday as the real estate developer said it has hired investment banks to resume its mainland China listing.
The upbeat performance of Guangzhou R&F was in sharp contrast to most mainland property stocks and other blue-chip companies, in part because the market was short of any visible catalyst to drive their movement.
The Hong Kong-traded shares in Guangzhou R&F jumped almost 9 per cent at one stage in the morning, before finishing up 5.1 per cent to HK$9.83.
R&F chairman Li Sze Lim said in a statement that the company will convene an extraordinary general meeting in the near future to seek approval from shareholders.
No specific money that the company plans to raise was mentioned in the statement. The company had proposed to issue no more than 450 million shares in Shanghai in 2007.
Shares in Evergrande Real Estate Group, which raised US$600 million in a topup placement last week, rose 0.56 per cent to HK$5.37, following a 6 per cent jump on Monday.