Shares in China property firm Evergrande suspended pending ‘major transaction’
Trading halt sends markets Asian stocks falling amid speculation debt-laden group will sell off property management arm
Trading in shares of debt-laden China Evergrande has been suspended by the Hong Kong exchange after the enormous Chinese developer missed a key bond interest payment last week, its second offshore debt obligation in a week.
Evergrande, which has $305bn (£225bn) of debts, said on Monday trade was suspended “pending the release by the company of an announcement containing inside information about a major transaction”, sparking speculation it could sell its profitable property management unit.
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