HONG KONG: Heavily indebted Chinese property giant Evergrande resumed trading in Hong Kong on Tuesday (Oct 3), according to a statement on the stock exchange's website. 'Trading in the shares of China Evergrande Group will be resumed at 9am today,' the statement said. A separate statement said tr
FILE PHOTO: A crane stands at a construction site near the headquarters of China Evergrande Group in Shenzhen, Guangdong province, China, Sep 26, 2021. HONG KONG: Heavily indebted Chinese property giant Evergrande resumed trading in Hong Kong on Tuesday , according to a statement on the stock exchange's website.A separate statement said trading for Evergrande Property Services would also restart at the same time.
No specific reason was given for the decision to suspend share trading, which also affected the company's property services and electric vehicle units.China Evergrande's billionaire boss Hui Ka Yan goes from power circles to police surveillanceThe company said last month it was unable to issue new debt because its subsidiary, Hengda Real Estate Group, was being investigated and key meetings planned for debt restructuring were shelved.
The property sector has long been a pillar of growth - along with construction it accounts for about a quarter of GDP - and it experienced a dazzling boom in recent decades.
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