Why Evergrande Shares Initially Soared Today

Shares of China's embattled property developer Evergrande Group (OTC: EGRN.F) surged by more than 10% in the first hour of trading on Tuesday. The move comes as trading in the shares resumed following a suspension on Monday. 

Image source: Getty Images.

The suspension was due to the forthcoming announcement relating to the order to demolish 39 buildings under construction. Local media picked up on developments over the weekend, and the details of the announcement were widely distributed before the official release by the company on Tuesday.

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Source Fool.com