Evergrande Shares Halted As Pressure Mounts on Firm

Shares in crisis-hit Chinese property giant, Evergrande, have been suspended in Hong Kong amid reports its chairman has been placed under police surveillance.

It follows reports earlier this week that other current and former executives had also been detained. Thursday’s market statement did not give a reason for the trading halt.

But it marks another low for the heavily indebted property giant which defaulted in 2021, triggering China’s current real estate market crisis, reports the BBC.

In August, the firm filed for bankruptcy in New York, in a bid to protect its US assets as it worked on a multi- billion dollar deal with creditors. The market trading halt now comes just a month after the firm’s previous 17-month suspension was lifted.

Evergrande – once valued as the world’s most valuable property developer – is at the centre of a real estate crisis threatening the world’s second largest economy.