Beijing, Sept. 30 (EFE).- Indebted Chinese real estate giant Evergrande announced on Monday that it has suspended trading in its securities listed on the Hong Kong Stock Exchange, without giving further details.
The group announced this suspension, which also concerns “all structured products linked to the company”, in a press release issued by the Hong Kong Stock Exchange, which resumed its activity on Monday after a three-day interruption.
The company soared 15% in the stock market on Wednesday after announcing the sale of much of its shares in a bank to a state-owned company and after ratings agency Fitch downgraded its long-term debt rating. term of the group due to the uncertainty surrounding its offshore obligations.
The parent company of the group has lost 78.3% since the beginning of the year and experts believe that its future could go through a restructuring with which the projects would be passed on to other promoters. It is a question of guaranteeing their realization before a State company acts as a “strategic investor” to solve the problems of financing of the group.
As Evergrande’s future remains uncertain, Fitch last week lowered the long-term issuer risk rating of indebted Chinese real estate giant Evergrande from “CC” to “C”, the third lowest level in its rating. ranking.
At the end of June, according to data provided by the group, its total liabilities exceeded 300 billion dollars, of which it must repay 37 billion dollars in loans before the end of the first half of 2022. EFE