Wednesday, September 28

Chinese real estate giant Evergrande’s stock market operations suspended



Trading in the shares of the Chinese conglomerate Evergrande has been suspended this Monday on the Hong Kong Stock Exchange at the request of the company itself. «At the request of the company, the negotiation of company stock stopped at 9:00 am on January 3, 2022 pending the publication by the company of an announcement with privileged information, “said the company without providing further details.

The suspension of the trading of Evergrande shares has coincided with the publication in the Chinese newspaper ‘Cailian’ that Evergrande has received from the local authorities of Danzhou the order to demolish a total of 39 buildings in ten days when determining that Evegrande illegally obtained the permits for its construction.

The Chinese real estate conglomerate, which accumulates a liability of more than 300,000 million dollars (263,671 million euros), acknowledged in early December that there are no guarantees that it will have the necessary funds to meet its financial obligations.

In fact, the rating agencies S&P Global Ratings and Fitch declared the company a “selective default” and “restricted default”, respectively, after it failed to make coupon payments on its senior dollar notes and after the expiration of the corresponding grace periods.

Since last September, Evergrande has been reviewing its capital structure and liquidity position with the help of its financial and legal advisers, evaluating all available strategic options, and maintaining an ongoing dialogue with its creditors.

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