China’s Real Estate Giant Evergrande Backing out of Stock Ex
Dec 2, 2023 18:40:33 GMT
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Post by sunny225 on Dec 2, 2023 18:40:33 GMT
www.breitbart.com/asia/2023/09/29/chinas-real-estate-giant-evergrande-backing-out-of-stock-exchanges/
China’s Real Estate Giant Evergrande Backing out of Stock Exchanges
The Hong Kong Stock Exchange posted a notice on Thursday that trading had been suspended for shares of China Evergrande Group, the gigantic and dangerously indebted property developer whose potential collapse is being watched nervously by economists worldwide.
“Shares of Evergrande closed at 32 Hong Kong cents on Wednesday,” the Associated Press (AP) reported. “The company had resumed trading on Aug. 28 after a 17-month hiatus. Trading in two other units, China Evergrande New Energy Vehicle Group and Evergrande Property Services Group, was also halted Thursday.”
The South China Morning Post (SCMP) found the entire Hong Kong market “jittery” as the Evergrande crisis took another turn for the worse. Overseas interest in Chinese stocks overall is fading, leading to one of the biggest one-month selloffs in the history of the Hong Kong market in August.
On Thursday night, the China Evergrande Group revealed that its founder, Hui Ka Yan, had been placed under “mandatory measures in accordance with the law due to suspicion of crimes.”
Hui was reportedly placed under “residential surveillance” this month without a public announcement. His passport was confiscated, he was forced to remain at a location other than his home, and his co-workers have been unable to communicate with him.
According to China’s state-run Global Times, several employees of a wealth management unit within the Evergrande Group had also been “placed under a criminal probe, signaling that China was strengthening its approach to counter issues facing the domestic property market.”
more at link
*There are people who think and say this is a big deal. I don't know enough about this company to say one way or the other. What say you?
China’s Real Estate Giant Evergrande Backing out of Stock Exchanges
The Hong Kong Stock Exchange posted a notice on Thursday that trading had been suspended for shares of China Evergrande Group, the gigantic and dangerously indebted property developer whose potential collapse is being watched nervously by economists worldwide.
“Shares of Evergrande closed at 32 Hong Kong cents on Wednesday,” the Associated Press (AP) reported. “The company had resumed trading on Aug. 28 after a 17-month hiatus. Trading in two other units, China Evergrande New Energy Vehicle Group and Evergrande Property Services Group, was also halted Thursday.”
The South China Morning Post (SCMP) found the entire Hong Kong market “jittery” as the Evergrande crisis took another turn for the worse. Overseas interest in Chinese stocks overall is fading, leading to one of the biggest one-month selloffs in the history of the Hong Kong market in August.
On Thursday night, the China Evergrande Group revealed that its founder, Hui Ka Yan, had been placed under “mandatory measures in accordance with the law due to suspicion of crimes.”
Hui was reportedly placed under “residential surveillance” this month without a public announcement. His passport was confiscated, he was forced to remain at a location other than his home, and his co-workers have been unable to communicate with him.
According to China’s state-run Global Times, several employees of a wealth management unit within the Evergrande Group had also been “placed under a criminal probe, signaling that China was strengthening its approach to counter issues facing the domestic property market.”
more at link
*There are people who think and say this is a big deal. I don't know enough about this company to say one way or the other. What say you?
