Evergrande suspends trading on Hong Kong Stock Exchange

The Chinese company Evergrande has made a statement about the suspension of trading in its shares and other securities on the stock exchange in Hong Kong. However, the company did not give a reason for the decision. In 2022, this is the second suspension of trading in the developer’s securities.
This week, the company is due to make payments on bonds totaling $2 billion. In 2021, Evergrande was close to default. Over the past few years, it has been actively developed. The Chinese developer has attracted a large amount of investor funds. It has exceeded $300 billion. But then the situation in the company deteriorated sharply. Sales have dropped. The risks of its business model have become too high. In addition, the Chinese authorities have tightened control over the country’s real estate market in order to curb its rapid growth. It was previously reported that Evergrande’s creditors filed several hundred lawsuits against the company. If the court satisfies them, the company will pay investors about $13 billion.

Source: xCritical.com