Troubled Chinese property developer Evergrande has halted trading of its shares on the Hong Kong Stock Exchange. Evergrande Group ran up billions in debt building apartment complexes, malls and office towers and has been facing a cash crunch.
FILE - In this Sept. 15, 2021, file photo, a man bicycles past an Evergrande new housing development in Beijing. 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.
HONG KONG — Shares in troubled real estate developer China Evergrande Group and its property management unit Evergrande Property Services were suspended from trading Monday in Hong Kong.Cailian, a Chinese online news service affiliated with the state-run newspaper Securities Times, said another developer, Hopson Development Holdings, was planning 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 owes billions to banks, customers and contractors and is facing a cash crunch.Its situation worsened after the government tightened limits on corporate debt levels. In August 2020, the government ordered tightened controls on financing for China’s 12 biggest developers, forcing them to reduce corporate debt loads that are seen as a threat to the economy.Evergrande Group’s shares have lost more than 80% of their value this year.
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