Evergrande Property Services suspends trading on the Hong Kong Stock Exchange

Beijing, Sep 30 (EFE) .- The Chinese real estate giant in debt Evergrande announced Monday that it had suspended trading of its securities listed on the Hong Kong Stock Exchange, without giving more details on this subject.

The group signaled this suspension, which also concerns “all structured products linked to the company”, in a press release distributed through the Hong Kong exchange, which resumed operations on Monday after a three-day hiatus.

The company climbed 15% on the stock market on Wednesday after announcing the sale of a large chunk of its shares in a bank to a state-owned company and after the rating agency Fitch downgraded the long debt rating. term of the group due to the uncertainty over its offshore obligations.

The parent company of the group has lost 78.3% since the beginning of the year and experts believe that its future could go through a restructuring with which the projects would be transmitted to other developers. This is to ensure their completion before a state enterprise acts as a “strategic investor” to resolve the group’s financing problems.

While that of Evergrande future remains uncertain, Fitch lowered the long-term issuer risk rating of indebted Chinese real estate giant last week Evergrande from “CC” to “C”, the third lowest level of its rank.

At the end of June, according to data provided by the group, its total liabilities exceeded 300 billion dollars, which he must reimburse $ 37 billion in loans before the end of the first half of 2022. EFE

© 2021 EFE News Services (US) Inc., source EFE English