Evergrande Shares Suspended From Trading in Hong Kong
Posted on 01/03/2022
With more than US$ 300 billion of debts, China Evergrande Group has suspended trade in its shares on the Hong Kong as investors await news on its restructuring plan. The statement to the stock exchange did not give a reason for the trading halt. China Evergrande Group is the world’s most indebted property developer.
Before the end of 2021, China Evergrande Group reversed plans to repay investors in its wealth management products. Evergrande said on December 31, 2021, that each investor in its wealth management product could expect to receive 8,000 CNY (US$ 1,257) each month as principal payment for three months irrespective of when the investment matures.