10/4/2021- 12:10 p.m.
Evergrande, Property Management Unit Share Trading Halted by Hong Kong. Chinas economy imploding?
“Trading of China Evergrande Group shares was suspended in Hong Kong along with those of its property management unit, as the property giant contends with a deepening cash crisis.
No reason was given for the halts, which also affect all structured products relating to the company, a stock exchange filing showed on Monday morning.
Hopson Development Holdings Ltd. plans to acquire a 51% stake in Evergrande Property Services Ltd. for more than HK$40 billion ($5.1 billion), Cailian reported.
Evergrande shares plunged 80% this year, and its bonds have tumbled to levels that suggest investors are bracing for a default.
With more than $300 billion in liabilities, the developer has been trying to sell assets in a bid for cash.
The saga has roiled markets in recent weeks with concern that it may spread to hurt the economy and financial system globally.”
