Shares of Evergrande Real Estate rose as much as 20% on its debut in Hong Kong on Thursday, shrugging off the cool investor response to a flood of recent Chinese property offerings. Guangzhou-based Evergrande traded at HK$4.00 at 3amGMT, against its IPO price of HK$3.50, after earlier hitting HK$4.20. Evergrande’s $729m IPO comes as HK investors have become more selective about new offerings, especially by real estate companies.
