China Evergrande has suspended trading on its shares as well as the shares of its other units listed in Hong Kong. This is occurring in the midst of continued debt troubles and reported police surveillance of its chairman.
Trading of shares belonging to China Evergrande and two listed subsidiaries – China Evergrande New Energy Vehicle Group and Evergrande Property Services Group – has been suspended in Hong Kong, according to exchange filings. During the last time trading of Evergrande shares was suspended, there was a 17-month hiatus from March 2022 to August 2023.
The suspension follows a «Bloomberg» report yesterday that claims Evergrande chairman Hui Ka Yan was taken away by police earlier this month and placed under surveillance at a designated location.
Meanwhile, the world’s most indebted property developer is still attempting to grapple with $300 billion in liabilities. According to a «Reuters» report on Tuesday, a major offshore creditor group is planning to join a liquidation court petition filed against Evergrande if it does not submit a new debt restructuring proposal by the end of October.
