Hong Kong’s major bourse in the filing confirmed Evergande Group China suspended its trading as well as other units of the company in Monday’s session.
According to the filing, shares of Evergrande Group, Evergrande Property Services Group and China Evergrande New Energy Vehicle Group have been suspended from trading without giving any reason put forward.
The suspension is the second time this year, ahead of an expected repayment obligation on Wednesday of US $ 1.4 billion.
It is common knowledge that Evergrande China is in the process of restructuring its debt worth more than $ 300 billion or RM1.2 trillion, as well as struggling with the Beijing government's efforts to curb excessive debt in the real estate sector.
For now, Evergrande has managed to avoid default status for onshore technical bonds but has several times passed the repayment of its offshore bonds.
Meanwhile, investors are focusing on the assets to be sold by the company after facing strong pressure from its bondholders and offshore creditors.
Meanwhile, the company’s onshore unit has confirmed that they have obtained approval for a deferral of coupon payment for the 4 billion Yuan note, it signifies the debt will not trigger a bond default.
Shares of Evergrande Group rose 3.8% in Hong Kong this year after plunging sharply 89% in 2021.
