China's Evergrande halts trading in Hong Kong stock exchange: report
Troubled Chinese property developer giant Evergrande and all its units suspended trading in Hong Kong Monday morning, according to a notice to the stock exchange.
- Economy
- Agencies and A News
- Published Date: 11:57 | 21 March 2022
- Modified Date: 11:57 | 21 March 2022
Chinese real estate developer Evergrande Group and two of its subsidiaries on Monday had their trading halted on the Hong Kong stock exchange, according to media reports.
The two subsidiaries were Evergrande Property Services Group and Evergrande New Energy Vehicle Group, according to the Hong Kong-based South China Morning Post.
Evergrande stocks were trading at HK$1.65 ($0.2) per share before trading was suspended on the Hong Kong stock exchange.
The move could be a result of a possible pending announcement that the Chinese real estate developer may restructure its massive debt.
Evergrande Group has 1.97 trillion yuan ($310 billion) of liabilities.
The real estate developer announced in January it would announce a plan in six months about reorganizing its portfolio.
Evergrande has been struggling with a debt crisis since last year. Its problems fueled investors' worries that a potential bankruptcy could spread through real estate market in Asia.