January 4, 2022
1 min read

Evergrande suspends share trading again

Evergrande has more than $300 billion of debt and is scrambling to raise cash by selling assets and shares to repay suppliers and creditors….reports Asian Lite News

Crisis-hit Chinese real estate giant Evergrande has suspended trade in its shares in Hong Kong as investors await news on its restructuring plan, the BBC reported.

The statement to the stock exchange did not give a reason for the trading halt.

Evergrande has more than $300 billion of debt and is scrambling to raise cash by selling assets and shares to repay suppliers and creditors.

Last week, the company dialled back plans to repay investors in its wealth management products, the report said.

Evergrande said on December 31 that each investor in its wealth management product could expect to receive $1,257 each month as principal payment for three months irrespective of when the investment matures.

The company had earlier not mentioned any amount and had agreed to repay 10 per cent of the investment by the end of the month when the product matures.

Evergrande said in a statement posted on the wealth unit’s website that the situation was not “ideal” and that it would “actively raise funds”, and update the repayment plan in late March, without giving further details, the BBC reported.

The announcement was seen as highlighting the deepening cash squeeze at the struggling property developer.

Over the weekend, local media reported that a city government on the Chinese resort island of Hainan had ordered the company on December 30 to demolish its 39 residential buildings there within 10 days, as they were built illegally.

The company’s $19 billion in international bonds were deemed to be in default by rating agencies after it missed a payment deadline last month.

ALSO READ: China eyes Latin America

Previous Story

SPECIAL 2022: Hasina Seeks Global Investments

Next Story

Lakhimpur Kheri SIT omits minister’s name

Latest from -Top News

India Hits $1 Trillion FDI Milestone

Between April 2014 and September 2024, India attracted USD 709 billion in FDI, accounting for 69% of the total inflows since 2000. India has reached a remarkable economic milestone, with Foreign Direct

Maha Kumbh 2025: Festivities Begin

Women participated in a special Ganga Aarti at the Triveni Sangam in Uttar Pradesh’s Prayagraj earlier. The ritual also served as a rehearsal for the upcoming Kumbh Mela. The festivities for Maha
Go toTop

Don't Miss

PLI Scheme to Drive Major Economic Boost

In the electronics sector, mobile phone manufacturing now accounts for

ELEMENTS WAR: China throws a spanner in tech & research

Asian Lite analyses the pros and cons of the Chinese