HONG KONG: Share of embattled property developer China Evergrande Group were suspended from trading on Monday , a filing from the Hong Kong stock exchange showed.
Trading was also halted in shares of its property services unit, Evergrande Property Services Group Ltd, and electric vehicle unit, China Evergrande New Energy Vehicle Group Ltd, exchange filings showed.Evergrande, the world's most indebted developer with more than US$300 billion in liabilities, has been struggling to repay its suppliers and creditors and complete projects and homes.
Hengda held a meeting with creditors of the 4 billion yuan 2025 bond on Mar 18-19 to approve the payment of interests incurred between September 2020 to September 2021 to be made in September 2023. Evergrande has so far avoided technical bond defaults onshore, though it has missed payments on some offshore bonds.
Evergrande shares traded at HK$1.65 before the suspension. They have gained 3.8 per cent this year after plunging 89 per cent in 2021.