Hong Kong: Emvergrande Developer China Emvergrande who was fought Monday once again suspended his shares in Hong Kong ahead of the announcement.
The country’s property company has struggled after Beijing’s journey to curb excessive debt in the real estate sector and rampant consumer speculation.
Sinking in the obligation of $ 300 billion, Evergrande has struggled to pay for bondholders and investors after Beijing’s hard action suddenly turned off the liquidity tap.
“At the company’s request, trading in the company’s shares was stopped at 9:00 a.m.
on January 3, 2022 waiting for release by the announcement company that contained insider information,” said the group in a brief statement in the Hong Kong Stock Exchange.
Previously saw the stock trading period was suspended again in October.
Troubled developers were labeled as default by international ranking companies last month after failing to pay for timely obligations.
Previously struggling to pay suppliers and contractors because the debt crisis caused sustainable protests from home buyers and investors at Shenzhen Group’s headquarters in September.
Last week, Evergrande for a moment cheering investors insisted it would be able to send tens of thousands of units this month, and pay off some debts.
But the shares conducted a dive at the end of the week after the report that the group failed to meet two offshore payments.
In recent months, the company has repeatedly said it will complete its unfinished project and send it to buyers in a desperate effort to save its debt, even though it has missed a previous payment of more than $ 1.2 billion.
But in a new headache for the company, local Chinese media reported at the end of the week that it was ordered to destroy 39 buildings by the authorities on the island of Hainan because the structure was illegally built in the artificial archipelago in tourist hubs in tourism.
Pembung company has tried to sell assets and shave its bets in other companies, with the Chair of the Hui Ka Yan – known as Xu Jiayin in Mandarin – paid off some of its own debts that are quite large.
Guangdong Provincial Government – where the company is headquartered – currently oversee the process of restructuring Evergrande debt.
Evergrande’s misery has had a knock-on effect throughout the Chinese property sector with several small companies also defaults on loans and others struggling to find enough cash.
Bloomberg News calculates that Chinese property companies need to ride around $ 197 billion to cover bonds, coupons, trust products, and wages suspended to millions of migrant workers in January.
Evergrande troubled to suspend the stock trading again
