Shares in embattled Chinese developer Evergrande Group and its two subsidiaries were all suspended from trading in Hong Kong on Thursday, after fears grew about its ability to restructure its mammoth debt and stave off a liquidation of the business.
The world’s most indebted real estate developer, which has total liabilities worth $328 billion at the end of June, did not indicate a reason for the suspension in a filing to the stock exchange. Its woes deepened this week, after the company warned on Sunday that its offshore debt restructuring plan may be in trouble because of a regulatory probe into its main subsidiary in mainland China.
Last month, investors breathed a small sigh of relief when Evergrande reported a significant narrowing in its losses for the first half of the year. That was thanks to a rise in revenue because of a “short boom” in China’s property market earlier this year, the company said. But the news since has been relentlessly negative, and a growing number of investors are reportedly seeking to wind up the company if it is unable to come up with a new survival plan soon.
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