Business

Trading Of China’s Evergrande Shares In Hong Kong Suspended

oct 4, Evergrande has been struggling to avoid defaulting on billions of dollars of debt. The company owes billions to banks, customers and contractors and is facing a cash crunch.Shares in troubled real estate developer China Evergrande Group and its property management unit Evergrande Property Services have been suspended from trading in Hong Kong.The company’s filings did not specify why the shares were stopped from trading.Cailian, a Chinese online news service affiliated with the state-run newspaper Securities Times, said another developer, Hopson Development Holdings, was planning to acquire a majority share in Evergrande Property Services Group.

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