Chinese real estate developer China Evergrande Group along with its other units suspended trading in Hong Kong on Monday, according to exchange filings. Shares of Evergrande Property Services Group and China Evergrande New Energy Vehicle Group were also halted without giving any reasons.
Investors are watching for signs of further asset sales as the group faces pressure from bondholders and offshore creditors in what’s likely to become one of China’s largest restructurings. The company has more than $300 billion in liabilities and is under pressure to pay suppliers and migrant workers and complete millions of unfinished homes.
Earlier as local media reported the company will sell 30% of its stake in Nanjing property to Avic Trust Co. for an undisclosed amount.
On a separate occasion, the company also said it received bondholder’s approval to delay coupon payments on its four billion yuan note.
