Evergrande Group
China's Evergrande suspending Hong Kong stock exchange trading
Beijing/UNI/Sputnik: China's second largest property developer, Evergrande Group, is suspending trading in its shares on the Hong Kong stock exchange.
According to a statement released by the Hong Kong stock exchange, the China Evergrande Group trading will be suspended starting 09:00 a.m. local time (01:00 GMT) on Monday.
At the end of September, Evergrande said it was going to sell its shares in the Shengjing Bank for a total of 9.9 billion yuan (around $ 1.5 billion).
The company is on the brink of default after years of growth and active borrowing.
Declining sales, a high-risk business model, and Beijing's actions to curb the boom in the Chinese housing market brought the company into crisis.
At the end of June, Evergrande owed $304 billion. Since the beginning of this year, Evergrande's shares, which are traded in Hong Kong, fell by 82 percent.
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