On Oct. 4, trading in the shares of China’s troubled real estate giant Evergrande was suspended on the Hong Kong Stock Exchange (HKEX), as the indebted developer missed interest payment deadlines and continued its efforts to repay investors. A regulatory filing (pdf) with HKEX said, “the trade suspension came ahead of an announcement containing inside information about a major transaction.” The company’s shares have fallen by almost 80 percent to HK$2.95 per share from this year’s start at HK$14.14. Shares trading of its property management unit Evergrande Property Services was also suspended, a separate regulatory filing (pdf) showed. Hong Kong’s Hang Seng index sank 2.2 percent after Evergrande’s suspension, while Tokyo’s Nikkei 225 dropped 1.1 percent. Shares fell 1 percent in Taiwan. Markets were closed for the holidays in Shanghai and South Korea. Last month, Evergrande missed required interest payments of $83.5 million and $47.5 million to international bondholders, due …
Evergrande Share Trading Suspended as Debt Test Approaches
October 4, 2021
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Business & EconomyChinaChina Business & EconomyCompaniesdebt crisisevergrandeEvergrande shareMarkets
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