New Delhi (CNN Business) Embattled Chinese property developer Evergrande suspended trading in Hong Kong on Monday as the heavily indebted company contends with an ongoing real estate crisis. Evergrande said in a filing to the Hong Kong Stock Exchange that its trading halt was pending an "announcement containing inside information," though it did not elaborate. The US Federal Reserve warned last year that trouble in Chinese real estate could damage the global economy. In December, Fitch Ratings declared that the company had defaulted on its debt, a downgrade the credit ratings agency said reflected Evergrande's inability to pay interest due that month on two dollar-denominated bonds. (Fitch's downgrade came when Evergrande appeared to miss payments after their grace periods lapsed.)

Source: CNN January 03, 2022 12:12 UTC