Evergrande makes $5.8b in unit sale

SHANGHAI - China Evergrande Group has raised 39.5 billion yuan ($5.8 billion) from selling a stake in a residential property company.

The decision was part of a reorganization by one of the country's biggest real estate companies ahead of a planned backdoor listing in the mainland.

Evergrande's shares jumped as much as 8.6 percent after analysts confirmed the sale price exceeded expectations.