By Gina Lee

Investing.com – shares will be suspended from trading from Jan. 3, 2022, onwards.

Shares in the developer’s EV unit, China Evergrande New Energy Vehicle Group, were up 3.69% to HK$3.650 ($0.468), after plunging as much as 10% earlier in the session.

China Evergrande, which is in debt, did not give the reasons for its suspension. However, China Evergrande chairman Hui Ka Yan remained positive in his New Year’s speech to the company’s employees on Jan. 1. In the speech, Hui said that the resumption rate of the company’s national projects reached 91.7%, with 89,000 people resuming work and that the company delivered more than 53,000 houses in the fourth quarter of 2021.

Due to the ongoing liquidity crisis, the developer adjusted its payment schedules for billions of dollars in overdue wealth management product payments. The developer still has over $300 billion in debts. Nearly $20 billion is in international market bonds that were deemed in cross-default in December by two rating agencies after China Evergrande failed to make new coupon payments of $255 million. These payments have an additional 30-day grace period.

Cifi Holdings, the Chinese developer, has offered to acquire the China Evergrande outstanding notes for $1,000.5 and 1,000 principal amounts with accrued unpaid interest. This offer expires at 4 pm London time on January 7, 2022.