Skip to Content

Trading of China’s Evergrande shares in Hong Kong suspended

<i></i><br/>
KMIZ

By ALICE FUNG and HUIZHONG WU
Associated Press

HONG KONG (AP) — Shares in troubled real estate developer China Evergrande Group and its property management unit Evergrande Property Services have been suspended from trading in Hong Kong. Cailian, a Chinese online news service affiliated with the state-run newspaper Securities Times, said another developer plans to acquire a majority share in Evergrande Property Services Group. Evergrande has been struggling to avoid defaulting on billions of dollars of debt. The company itself did not specify why its shares were stopped from trading. Evergrande Group owes billions to banks, customers and contractors and is facing a cash crunch. The developer’s situation worsened after the government tightened limits on corporate debt levels.

Article Topic Follows: AP National Business

Jump to comments ↓

Associated Press

BE PART OF THE CONVERSATION

ABC 17 News is committed to providing a forum for civil and constructive conversation.

Please keep your comments respectful and relevant. You can review our Community Guidelines by clicking here

If you would like to share a story idea, please submit it here.

Skip to content