Time/Bloomberg: China’s Evergrande Halts Trading in Hong Kong Amid Deepening $300 Billion Crisis
Trading of China Evergrande Group shares was suspended in Hong Kong along with those of its property management unit, as the property giant contends with a deepening cash crisis.
No reason was given for the halts, which also affect all structured products relating to the company, a stock exchange filing showed on Monday morning. Hopson Development Holdings Ltd. plans to acquire a 51% stake in Evergrande Property Services Group Ltd. for more than HK$40 billion ($5.1 billion), Cailian reported, citing unidentified people.
Evergrande shares have plunged 80% this year, and its bonds have tumbled to levels that suggest investors are bracing for a default.
With more than $300 billion in liabilities, the developer has been trying to sell assets in a bid to raise cash.
The saga has roiled financial markets in recent weeks on concern that it may spread to hurt the economy and financial system.
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WNU Editor: It looks like Evergrande is trying to sell its most profitable companies to buy some time .... Evergrande could be about to sell its property management unit in scramble to raise cash (CNN).
More News On China’s Evergrande Halting Trading In Hong Kong
Trading of China's Evergrande shares is suspended in Hong Kong -- NBC/AP
China’s embattled Evergrande flags ‘major transaction,’ trading halted -- NYPost
China Evergrande's Shares Are Halted as Doubts Swirl -- NYT
Evergrande shares suspended on possible sale of property management unit -- SCMP
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