DEVELOPING: Trading of China's Evergrande shares is suspended in Hong Kong as investors await the next steps in its debt crisis.
and its property management unit Evergrande Property Services were suspended from trading in Hong Kong on Monday as investors awaited the next steps in the saga of its debt crisis.
Phone calls to Evergrande's PR office in Hong Kong rang unanswered and the company's offices elsewhere inNoel Celis / AFP via Getty Imageson billions of dollars of debt. The company owes billions to banks, customers and contractors and has been selling off assets to resolve its cash crunch. “As far as the Chinese government’s concerned, this is the best way forward. And of course, in doing so, I think some creditors will be hurt, mostly overseas creditors,” Lum said.Evergrande is one of China’s biggest private sector conglomerates, with more than 200,000 employees, 1,300 projects in 280 cities and assets of 2.3 trillion yuan . It owes creditors some 2 trillion yuan .
China Evergrande Group's shares have lost more than 80 percent of their value this year and ratings agencies say it is at risk of defaulting on its debts.
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