Bloomberg - Trading of China Evergrande GroupEvergrande Group shares is suspended in Hong Kong, along with those of its property management unit, as the property giant contends with a deepening cash crisis.
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No reason was given for trading halts, which affect all structured products of the company, a filing at the stock exchange on Monday morning showed.
Evergrande shares have tumbled 80% this year and its bonds have plunged to levels which suggest investors are bracing for a default. With more than $300 billion in liabilities, the developer is trying to sell assets and raise cash.
Evergrande has a market value of HK $39.1 billion $5 billion, while its Evergrande Property Services Group Ltd. unit is worth HK $55.4 billion
Chinese authorities have been trying to limit any fallout from the crisis on the economy and financial system. Last week the government met with banks to fund homes and ease credit for homebuyers and support the property sector, and the government buy out Evergrande's share of a struggling lender.
Shares of the other unit of the developer, China Evergrande New Energy Vehicle Group Ltd.Evergrande New Energy Vehicle Group Ltd. haven t been suspended. The stock opened lower in Hong Kong on higher prices.
Meanwhile a fresh debt test is looming for Evergrande, with the maturity of a bond issued by a related entity. People familiar with the matter have said that a $40 million dollar note issued by Evergrande on Oct. 3 will be issued at an initial amount of $260 million by Jumbo Fortune Enterprises. As maturity is a Monday, the effective due date is Sunday.
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