HONG KONG—China Evergrande Group shares were suspended from trading on Monday pending the release of “inside information,” the embattled property developer said without elaborating. Evergrande, the world’s most indebted property developer, is struggling to repay more than $300 billion in liabilities, including nearly $20 billion of international market bonds that were deemed to be in cross-default by ratings firms last month after the company missed payments. The developer missed new coupon payments worth $255 million due last Tuesday, though both have a 30-day grace period. The firm has set up a risk management committee with many members from state companies, and said it would actively engage with its creditors. Local media reported over the weekend a city government in the Chinese resort island of Hainan had ordered Evergrande on Dec. 30 to demolish its 39 residential buildings within 10 days, due to illegal construction. The buildings stretched over 435,000 square …
China Evergrande Shares Halted, Set to Release ‘Inside Information’
January 3, 2022
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