CM – The hotly contested China Evergrande stock ceases trading

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The sign of the China Evergrande Center can be seen in Hong Kong on September 23, 2021. (File Photo: Reuters / Tyrone Siu)

HONG KONG: The shares of the China Evergrande Group will be suspended from trading on Monday (January 3), the contested property developer announced without giving a reason.

Evergrande, which was closed on Most indebted property developer in the world is struggling to repay more than $ 300 billion in debt, including nearly $ 20 billion in international market bonds that were considered defaulted by ratings last month after missing payments .

The developer missed out on new coupon payments of $ 255 million last Tuesday, despite both having a grace period of 30 days.

The company has set up and announced a risk management committee with many members of state-owned companies to actively engage with its creditors.

On Friday, Evergrande withdrew plans to repay investors in its wealth management products en and states that any investor in their wealth management product can expect to receive 8,000 yuan ($ 1,257) per month in principal for three months regardless of when the investment is due.

The electric vehicle unit China Evergrande New Energy Vehicle Group slumped up to 10% in early trading Monday, while property management unit Evergrande Services slumped 2.3 percent.

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