© AFP
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Shares of ailing Chinese real estate giant Evergrande on the Hong Kong stock exchange were suspended Monday morning (local time). The company itself communicated this, without stating a reason.
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jvhSource: BELGIAN
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Evergrande is in serious financial trouble and has been warning for some time that it probably won’t have enough money to continue paying all its debts. In December, the company missed a major payment. The debt crisis led to sustained protests from home buyers and investors at the company’s headquarters in Shenzhen, China, in September. Since then, the company has tried to sell assets and wind down interests in other companies.
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The threat of Evergrande’s collapse caused turmoil in the financial markets in 2020. Because the group is a very large player in the Chinese real estate market, it was feared that a bankruptcy of the company would also damage the entire Chinese economy.
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