China Evergrande says founder Hui Ka-yan under ‘mandatory measures’ for alleged crimes, amid stock trading halt in Hong Kong
Shares of China Evergrande, Evergrande Property Services and China Evergrande New Energy Vehicle Group will be suspended from trading until further noticeDeveloper said it has been notified by authorities that its chairman and founder has been placed under ‘mandatory measures’ for unspecified crimesChina propertyJiaxing Liin Hong Kong,Yulu Aoin Hong KongandChad Brayin LondonPublished: 10:20am, 28 Sep, 2023Why you can trust SCMP
Evergrande on Thursday asked for the suspension of trading in its shares, as well as shares of Evergrande Property Services and China Evergrande New Energy Vehicle Group, without giving a reason. The three stocks would remain halted until further notice, it added in the latest announcement.
China Evergrande suspends market trading amid questions about chairman’s whereabouts
China Evergrande suspends market trading amid questions about chairman’s whereaboutsEvergrande, the world’s most indebted developer with US$327 billion of liabilities, sparked a crisis in China’s property markets when it defaulted on its offshore debt two years ago. It has struggled to restructure US$20 billion of its offshore debt and claims just as the process entered its final leg this quarter.