Shares in troubled Chinese property giant Evergrande plummeted more than 80 percent in Hong Kong on Monday morning after the lifting of a 17-month trading suspension. In March 2022, the Hong Kong stock exchange suspended trading in Evergrande shares after the company failed to publish its 2021 financial results.
But its cash assets fell from $2 billion last year to $556 million, reflecting its dwindling liquidity.China's property market"cooled down significantly" in the first six months of the year and saw new defaults in the sector,"further exacerbating the volatility in the market", Evergrande said.
Evergrande's creditors will vote Monday on a proposal from the developer regarding its offshore debt that is shaping up to be one of China's biggest restructurings ever. The company is also fending off winding-up petitions in Hong Kong courts, with one case adjourning its hearing to October.
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