China Evergrande trades shares in Hong Kong

Shares of debtor property developer China Evergrande Group were suspended from trading on the Hong Kong Stock Exchange on Monday morning as the company competed to offer apartments to millions of homebuyers and raise money to manage its $ 300 billion debt.

Evergrande Said Without giving further details, a file was filed stating that its shares had been terminated pending a notice containing “inside information”. The company suspended its shares Once before, In October, sought to finalize $ 2.6 billion worth of shares in its asset management division.

At the end of that deal Fell through.

This giant property developer entered default last month after failing to repay a final loan to foreign investors. The company owes 1.6 million apartments to home buyers and faces dozens of lawsuits.

Although Evergrande has not yet resolved its monetary pressure, it has promised Last week It is expected to complete the construction of 39,000 flats by the end of 2021. The announcement boosted Evergrande’s shares, but they fell the next day after the company failed to meet another deadline to repay its overseas debt.

On Friday, Evergrande appeared in its wealth management division to revise its investor repayment plan, promising to pay each investor about $ 1,260 a month for three months. No specific refund has been paid before. In a statement to wealth management investors on Friday, Evergrande said he planned to “raise funds to operate” and that the situation was not “ideal”.

At one point, 80 percent of Evergrande employees were asked to put money into wealth management products. Financial assistance for its operations. In September, Evergrade employees, contractors and home buyers protested outside corporate offices and government buildings.

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Government officials a Risk group Created in December to guide Evergrande and restructure the company.

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