FINANCE

Shares of China Evergrand traded off in Hong Kong via Reuters


Reuters file photo: China Evergrand Center building sign can be seen in Hong Kong, China, September 23, 2021. Reuters / Tyrone Sue

HONG KONG (Reuters) – Shares of heavily-traded China Evergrand were suspended on Monday, a few days after some bondholders said property developers had failed to pay interest on a second bond in the wake of the turmoil over China’s financial system.

Shares of its unit Evergrand Property Services Group have also been suspended, the Hong Kong Stock Exchange said. It is unknown at this time what he will do after leaving the post.

Liabilities in the hundreds of billions of dollars, equivalent to 2% of China’s gross domestic product, have raised concerns in Evergrand that its problems could spread through the financial system and be reconsidered around the world. Initial concerns have eased somewhat since China’s central bank pledged to protect the interests of home buyers.

Shares in Evergrande have fallen 80% so far this year, while its property services unit has fallen 43% as the group struggles to raise funds to pay off many of its donors and suppliers.

The cash-strap group said in Sep0 September that its asset management unit had returned 10% of the asset management products (WMP), mostly owned by retail investors on the coast, which were in the same date.

The developer’s treatment of offshore investors contrasts with the company’s approach to managing its offshore liabilities.

The two offshore payments, which bondholders said they failed to reach within their due date, because the company, which has about 20 20 billion in offshore debt, will face a ব 162.38 million dollar bond coupon payment deadline next month.

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