Chinese real estate giant, Evergrande Group, has reportedly announced the suspension of its shares from trading, without elaborating on the reason behind the decision. A Chinese news outlet has reported that the order of demolition is in relation to the Ocean Flower Island project being developed by the Evergrande Group off the coast of Hainan. An artificial archipelago, the buildings of the project cover 435,000 square meters, according to the report which cited an official notice sent to the Hainan unit of the company. Shares of the firm have fallen by 89% from last year, having closed at HK$1.59 ($0.20) on 31st December 2021. Evergrande’s EV unit, China Evergrande New Energy Vehicle Group Ltd.’s shares also shed by 10% during early trading hours on Monday, while its property management service provider, Evergrande Property Services, shed by 2.3%.

Source: The Guardian January 03, 2022 10:08 UTC