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China Evergrande Hong Kong Shares Suspend Trading
Published Jan 02, 2022 10:31PM ET
Updated Jan 02, 2022 10:47PM ET
© Reuters
By Gina Lee
Investing.com – China Evergrande Group’s Hong Kong shares will be suspended from trading from Jan. 3, 2022, onwards.
Shares in the developer’s EV unit, China Evergrande New Energy Vehicle Group, were up 3.69% to HK$3.650 ($0.468), after plunging as much as 10% earlier in the session.
Debt-embroiled China Evergrande did not provide the reason for the suspension. However, China Evergrande chairman Hui Ka Yan remained positive in his New Year’s speech to the company’s employees on Jan. 1. In the speech, Hui said that the resumption rate of the company’s national projects reached 91.7%, with 89,000 people resuming work and that the company delivered more than 53,000 houses in the fourth quarter of 2021.
The developer also adjusted its payment plans on billions of dollars of overdue wealth management products due to its ongoing liquidity crunch. It still has more than $300 billion in liabilities, nearly $20 billion of which is in international market bonds deemed to be in cross-default by two rating firms in December after China Evergrande missed new coupon payments worth $255 million. The two payments still have a 30-day grace period, however.
Meanwhile, Chinese developer Cifi Holdings offered to buy the outstanding notes of China Evergrande at $1,000.5 for 1,000 in principal amount with accrued and unpaid interest, it said in a statement to the Hong Kong stock exchange. The offer will expire at 4 PM London time on 7 January 2022.
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