Evergrande Trading Suspended as Major Announcement Awaited

The crisis at the world's most indebted property developer has triggered fears that its potential collapse could send shockwaves through global markets.

New Delhi: Chinese property giant Evergrande’s shares have been suspended as investors await a statement about its future, the BBC reported.

The crisis at the world’s most indebted property developer has triggered fears that its potential collapse could send shockwaves through global markets.

The firm said the trade halt came ahead of “an announcement containing inside information about a major transaction”.

It comes amid reports that a rival real estate firm is reportedly set to buy a majority stake in an Evergrande unit, the report said.

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In a regulatory statement to the Hong Kong Stock Exchange, Evergrande Group said that its shares had been suspended from trading “pending the release by the Company of an announcement containing inside information about a major transaction”.

Meanwhile, rival Hong Kong-listed property firm Hopson Development is set to buy a 51 per cent stake in Evergrande Real Estate for around $5 billion, according to Chinese news outlet Cailian Press.

Hopson has not yet commented on the report but has suspended trading in its shares, pending an announcement “in relation to a major transaction”.

Evergrande’s problems have rocked markets over concerns about its more than $300 billion of debt.

Source
IANS

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