Receive free updates from Evergrande Real Estate Group
We will send it to you myFT Daily Digest an email circulating the latest Evergrande Real Estate Group news every morning.
Evergrande suspended its shares in Hong Kong on Monday as the world’s largest real estate broker wants to sell its stock.
Evergrande Property Services Group also suspended its trading, claiming that the stock exchange had moved ahead of “what could be offered” on its shares, not to the buyer.
The company is scrambling to sell products to better meet the demand for foreign exchange last month, raising the hopes of the company. a major overhaul.
The group’s asset management team, which was registered in Hong Kong in December and secured a market capitalization of HK $ 55bn (US $ 7.1bn) before shutting down trade, is one of Evergrande’s most important assets apart from its development projects in China.
Shares at Hopson Development, a Hong Kong-based manufacturer based in Guangzhou, were also suspended on Monday “waiting for the announcements to coincide with the company’s major events”. Mainland Chinese media reports have bought a large share of Evergrande’s support companies.
The Hopson contract in 2023 dropped from 95 to 91 cents per dollar in markets affected by the deal.
Hopson declined to comment on reports that the Evergrande occupant had been abducted. “As for the suspension of the company’s advertising announcement this morning, the company has not said anything negative about the market.”
Evergrande did not immediately respond to a request for comment.
Evergrande shares have lost more than 80% this year and its bonds are selling well, with the 2022 bond building more recently at 26 cents per dollar. US $ 83.5m coupon he should on bond on September 23 but investors said no money had been transferred. Evergrande has not made a formal announcement in this regard.
The company’s crisis has worsened since July last year. Towards the end of August, this was warned on the risk of infidelity, based on the negative consequences of “incorrect reports” in its termination.
All of Evergrande’s debt of more than $ 300bn has created fears over the potential failure, largely because of pressure from Beijing in the economic sector to reduce overcrowding.
Evergrande has been wanting for a few months unloading raising money. The company reduced its lending interest rate to Rmb572bn (US $ 89bn) from Rmb717bn between December and June, although all its loans, including contractors and other businesses, continued to rise during the period.
Last week, Evergrande sold part of the price to Shengjing Bank, a regional lender in northern China, for $ 1.5bn, but the bank insisted that the money be used to repay loans made by the manufacturer.