Trading of shares of heavily indebted property developer China Evergrande suspended in Hong Kong

By ZEN SOO
Associated Press

HONG KONG (AP) — The Hong Kong stock exchange says trading of shares of heavily indebted Chinese property developer China Evergrande Group has been suspended. The suspension follows a news report that the chairman of Evergrande, Hui Ka Yan, had been taken away earlier this month and placed under police watch. Evergrande is the world’s most heavily indebted real estate developer and is at the center of a property market crisis that is dragging on China’s economic growth. Last week, Evergrande said it had to delay a proposed debt restructuring meeting with creditors as “sales of the group have not been as expected by the company.”