Evergrande is the world’s most heavily indebted property developer and is at the centre of a property market crisis that is slowing down China’s economic growth. The company’s stock was suspended from trading last week as it confirmed Chinese police were investigating its chairman, Hui Ka Yan, on “suspicion of illegal crimes”. An affiliate, Evergrande Property Services, also resumed trading on Tuesday, according to a notice on the Hong Kong Stock Exchange. China Evergrande Group has resumed trading in Hong Kong (AP/Louise Delmotte, File)However, trading of shares in China Evergrande New Energy Vehicle Group remained suspended “pending the release of an announcement in relation to inside information” of the firm, a notice to the Hong Kong exchange said. Evergrande had also said last week that it could not issue new debt as its subsidiary, Hengda Real Estate, was under investigation.

Source: The Guardian October 03, 2023 08:23 UTC