China property developer Evergrande Group suspended from trading in Hong Kong

Highly acquisitive Evergrande has captured investor attention after amassing some $57 billion in debt, although it has a market value of about $10 billion.

By: Reuters | Hong Kong | Published:October 3, 2016 2:07 pm
Evergrande, Evergrande group, Evergrande hong Kong, Evergrande trade, Evergrande stock exchange, Evergrande chinese property developer, China Vanke, hong kong stock exchange, World market, trade Evergrande, the country’s no. 2 developer by sales for the first half of this year, said it would issue a statement later on Sunday. (Source: Reuters)

Shares in Chinese property developer Evergrande Group were suspended from trading in Hong Kong on Monday afternoon, the stock exchange said, without giving a reason for the halt.

Evergrande, the country’s no. 2 developer by sales for the first half of this year, said it would issue a statement later in the day.

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Highly acquisitive Evergrande has captured investor attention after amassing some $57 billion in debt, although it has a market value of about $10 billion.

It has also bought shares worth $2.2 billion in rival China Vanke , putting itself itself in the middle of a high profile corporate battle.

Last week it said it was selling some non-core assets for $405 million.

Its shares last traded at HK$5.24, unchanged from Friday.

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