Dec 13, 2023 05:36 AM
BUSINESS
Poly Development Plans $279 Million Share Buyback to Shore up Price
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Poly Development, China’s largest developer by sales this year, said late Monday that it plans to buy back 1 billion yuan to 2 billion yuan of its own shares in the next three months
The stock of Poly Development and Holdings Group Co. Ltd. jumped 7.6% Tuesday after the leading developer unveiled an up to 2-billion-yuan ($279 million) share buyback aimed at arresting its sliding equity price.
Shares of Poly Development closed at 10.34 yuan in Shanghai Tuesday, compared with 9.61 yuan at Monday's closing. The stock has nearly halved from the 18.59-yuan peak in April 2022 after the persistent downturn in the property market.
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