Evergrande Property Services suspends trading on the Hong Kong Stock Exchange
The group signaled this suspension, which also concerns âall structured products linked to the companyâ, in a press release distributed through the
The company climbed 15% on the stock market on Wednesday after announcing the sale of a large chunk of its shares in a bank to a state-owned company and after the rating agency Fitch downgraded the long debt rating. term of the group due to the uncertainty over its offshore obligations.
The parent company of the group has lost 78.3% since the beginning of the year and experts believe that its future could go through a restructuring with which the projects would be transmitted to other developers. This is to ensure their completion before a state enterprise acts as a âstrategic investorâ to resolve the group’s financing problems.
At the end of June, according to data provided by the group, its total liabilities exceeded
Â© 2021 EFE News Services (US) Inc., source