- This is not the first time Evergrande shares have been suspended. Trading was suspended in March last year and only resumed on August 28 after a 17-month break.
- Earlier this month, Evergrande postponed a debt restructuring meeting with creditors.
Evergrande shares were suspended on Thursday, the Hong Kong Stock Exchange said. Seen here are residential buildings under construction at the Tao Yuan Tian Jing project developed by China Evergrande Group in Yangzhou, China.
Bloomberg | Getty Images
China Evergrande Group shares were suspended on Thursday, the Hong Kong stock exchange said.
The embattled Chinese real estate developer’s chief executive has reportedly been placed under surveillance, according to Bloomberg News.
Evergrande shares last closed at 32 Hong Kong cents on Wednesday.
This is not the first time Evergrande shares have been suspended. Trading was suspended in March last year and only resumed on August 28 after a 17-month break.
Earlier this month, Evergrande postponed a meeting with creditors on debt restructuring, saying in a statement that “the group’s sales have not met the company’s expectations since the debt restructuring announcement in March.”
Therefore, Evergrande “considers it necessary to reassess the terms of the proposed restructuring in order to meet the objective situation of the company and the demands of creditors.”
The company also said it was unable to issue new bonds as part of its debt restructuring plan due to an investigation by subsidiary Hengda Real Estate.