Shares of Chinese real estate developer Evergrande Group, which have been embroiled in rumors of bankruptcy, were suspended from trading on the Hong Kong stock market today (4th).
According to Bloomberg News, trading in the Hong Kong stock market of Evergrande Corporation’s shares, a real estate management business division of the group and Evergrande, has been temporarily suspended, and the reason has yet to be disclosed.
With Evergrande’s debt known to be more than $300 billion and our money of about 356 trillion, its stock price has fallen by 80% this year.
In addition, Evergrande’s bonds have fallen to the level of preparing for default, and Hengda is seeking to sell its assets to secure cash.
The market value of Evergrande and Evergrande Waterworks is HKD 39.1 billion and HKD 55.4 trillion respectively.
While Evergrande has already failed to properly pay interest on dollar bonds scheduled for payment on the 23rd and 29th of last month, another bond is said to have expired.
Meanwhile, shares of Evergrande New Energy Group, a subsidiary of Evergrande’s electric vehicle, were not suspended today and are showing great volatility, falling about 6% at the beginning of the day.
Amid widespread anxiety, the Hong Kong Hang Seng Index has also fallen more than 2%.
