Stock Groups

Trading in shares of China Evergrande, units halted

by Mike Robinson

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© Reuters. FILE PHOTO – The China Evergrande Centre sign can be seen in Hong Kong on December 7, 2021. REUTERS/Tyrone Siu

HONG KONG (Reuters), – Trading in shares of China Evergrande Group’s troubled property developer was suspended on Monday, according to a Hong Kong stock market filing.

Also, trading in its shares, Evergrande Property Services Group Ltd., and the electric vehicle unit, China Evergrande New Energy Vehicle Group Ltd., was halted, according to exchange filings.

These filings did not provide any further information.

Evergrande, the largest developer in debt in the world, is struggling to pay off its creditors, complete homes and projects, as well as repay suppliers.

The company’s flagship unit, Hengda Real Estate Group Co Ltd, received approval over the weekend from its offshore bondholders for delaying a coupon payment due last September to September 2022 according to a filing the company lawyer to the Shenzhen Stock Exchange.

Hengda met creditors of the $4 billion Yuan ($629 millions) 2025 Bond on March 18-19 in order to approve payment of interest between September 2020 and September 2021. Payments will take place in September 2023.

Evergrande is currently exempt from technical bond defaults, but it has had to miss payments for some bonds offshore.

Evergrande shares were traded at HK$1.65 prior to the suspension. The shares have increased 3.8% since the 2021 plunge of 89%.

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