{"id":110249,"title":"Embattled property giant China Evergrande suspended trading of its shares","publisher":"Share Talk","author":"sharetalk","published":"2023-09-28T06:37:51+00:00","modified":"2023-09-28T06:48:06+00:00","canonical_url":"https://www.share-talk.com/embattled-property-giant-china-evergrande-suspended-trading-of-its-shares/","markdown_url":"https://www.share-talk.com/embattled-property-giant-china-evergrande-suspended-trading-of-its-shares.md","json_url":"https://www.share-talk.com/embattled-property-giant-china-evergrande-suspended-trading-of-its-shares.json","category":"B2B","categories":["B2B","Blogs","Business & Support Services","Technology","Technology, Media & Telecoms"],"tags":["chinese","developer","Hong Kong Stock exchange","Hui Ka Yan","Property"],"featured_image":"https://i0.wp.com/www.share-talk.com/wp-content/uploads/2023/11/Stencil-Google-Chrome-2023-04-19-at-2.47.43-PM.jpeg?fit=1231%2C615&quality=89&ssl=1","format":"news","language":"en-GB","content":"Trading of shares in China Evergrande Group, a significantly indebted Chinese property developer, was halted in Hong Kong on Thursday, as stated in a notice from the Hong Kong Stock Exchange.\n\nThis development followed reports by Bloomberg News indicating that earlier this month, Hui Ka Yan, the chairman of Evergrande, had been detained and was under police surveillance.\n\nHolding the title of the world’s most indebted real estate developer, Evergrande is at the heart of a property market crisis impacting China’s economic progression.\n\nTo evade defaulting on debt amounting to $340bn (£280m), the group is actively implementing a restructuring plan, which includes the sale of assets.\n\nOn Wednesday, Evergrande shares concluded trading at 32 Hong Kong cents. After a 17-month break, the company recommenced trading on August 28. Additionally, trading in two affiliated units, China Evergrande New Energy Vehicle Group and Evergrande Property Services Group, was also suspended on Thursday."}