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- China Evergrande woes not over yet, as risk sentiment remains tepid
China Evergrande woes not over yet, as risk sentiment remains tepid
After China’s real estate giant Evergrande Group was declared in default last month, the troubles for the indebted company are far from over.
Starting out 2022, Evergrande announced on Monday that it had suspended trade in its shares in Hong Kong as investors await news on its restructuring plan.
Late on Monday, Evergrande confirmed that it had received an order from authorities in Danzhou city, Hainan province on 30 December telling it to demolish 39 buildings that were under construction at its Ocean Flower Island project.
In lieu of the above piece of news, Evergrande shares rebounded on Tuesday, as trading resumed.
China Evergrande is scheduled to hold a meeting with bondholders on January 7-10, Reuters reported, citing the company’s filing.
Meanwhile, “China Huarong Asset Management Co. is set to resume trading Wednesday following a $6.6 billion bailout, a type of state-orchestrated rescue that appears unlikely for embattled developer China Evergrande Group,” Bloomberg reports.
developing story ...
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