China Evergrande Shares Soar as Trade Resumes Amid Police Probe

00:00

00:00/00:00

Listen to this article 1x

An Evergrande residential development under construction in Yangzhou, East China’s Jiangsu province, on Sept. 7. Photo: Bloomberg

(Bloomberg) — China Evergrande Group soared as it returned from a trading halt, driven by what appears to be bets on a penny stock even as the developer’s fate hangs in the balance amid an official probe into its billionaire founder.

The property group’s shares jumped as much as 42% in early Tuesday trade before paring much of the gains. Unit Evergrande Property Services Group Ltd. rose nearly 14% earlier but has since lost over 8%.