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China Evergrande 2021 sales plunge 39%, shares set to resume -Breaking

by Mike Robinson

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© Reuters. FILEPHOTO: China Evergrande Centre logos are visible on taps in Hong Kong. China, December 7, 2021. REUTERS/Tyrone Siu

HONG KONG (Reuters – China Evergrande Group, a troubled property developer said that on Tuesday it had seen its contracted sales for 2021 fall 39% to 443 Billion Yuan ($69.5B), and its shares would resume trading.

After being temporarily suspended Monday due to the release of confidential information, the company stated that its shares will resume trading on Tuesday at 1:00 PM (0500 GMT). The last time they were traded was at HK$1.59.

It confirmed that it was ordered by Hainan authorities to destroy 39 buildings.

These buildings are located at the Ocean Flower Island Project. Evergrande said that the decision doesn’t affect other parcels of land within the project.

Evergrande filed a statement on Tuesday saying that “The company will active communicate with authorities in accordance with guidance from the decision letters and resolve the problem properly.”

($1 = 6.3717 renminbi)

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