June 6, 2017 / 1:46 AM / 7 months ago

Evergrande shares hit record high on perpetual bond redemption plan

HONG KONG, June 6 (Reuters) - Shares of China Evergrande Group rose on Tuesday to a record high after it said it plans to redeem all of its perpetual bonds by the end of this month, ahead of plan.

The shares climbed as high as HK$16.28 in early trade. They later pared gains to be up 0.5 percent and have climbed around 230 percent so far this year.

As the bonds are high-interest debt, the redemption will save the highly indebted company significant interest costs. Interest costs for perpetual bonds amounted to 10.6 billion yuan ($1.6 billion) last year.

$1 = 6.8030 Chinese yuan Reporting by Clare Jim; Editing by Edwina Gibbs

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