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China Evergrande applies for bond trading suspension after downgrade By Reuters

by Mike Robinson

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© Reuters.

SHANGHAI (Reuters). China Evergrande Group’s principal unit, Hengda Real Estate Group Co Ltd announced on Thursday that it would apply to suspend trading on its corporate bonds offshore for one day. It also stated that it would modify the trading mechanism upon resumption trade, citing a downgrade.

Hengda received notification from China Chengxin International, (CCXI), on September 15, that its bonds were downgraded from AA to A. It also stated that both the issuer and bonds ratings have been placed on a list that could be subject to further downgrades.

At Sept. 16, the Shanghai exchange-traded bond auction will be closed and trades in them would have to be done through negotiations.

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