Hong Kong shares rally

After the acquisition, Evergrande will become the only private enterprise of mainland China with independent office building in Hong Kong.

The Hang Seng Index in Hong Kong jumped 2.40 per cent, or 536.75 points, to finish at 22,888.92.

ASIAN SCORECARD: Japan’s benchmark Nikkei 225 index edged up less than 0.1 percent to close at 19,697.7 while South Korea’s Kospi lost 0.2 percent to end at 1,993.36.

Prices for copper, oil and other commodities were falling early Thursday.

QUOTEWORTHY: “The recent macroeconomic data were mixed, with retail sales slightly above the consensus view while the industrial production was slightly disappointing”. The readings underscore the government’s challenge to kick start growth in an economy weighed by overcapacity and debt.

The Hang Seng index dropped 2.1 percent, to 22,415.87 points. The H-shares gauge has fallen 3 percent this week, extending losses in 2015 to 15 percent. Beijing’s anti-corruption campaign and a weaker yuan has curbed Chinese spending while a volatile stock market has hurt retailers. The company, whose onshore subsidiary has a CC credit score, is at least the sixth this year to default in the local note market as a slowing economy drags on earnings.

In a separate deal, real estate giant Evergrande Real Estate will buy the Mass Mutual Tower office building in central Hong Kong for HK$12.5 billion from Chinese Estates Holding, the largest-ever transaction for a commercial building here. He added that while Chinese stocks are showing signs of short term weakness, “there remains confidence in the long term prospects so the corrections are not too big”.