(Hong Kong) Chinese real estate giant Evergrande on Monday announced a further suspension of its listing on the Hong Kong Stock Exchange, without explaining the reasons.
“Trading in China Evergrande Group shares will be halted at 9 a.m. today,” the company said in a statement.
Strangled by a debt of around 377 billion dollars, Evergrande has struggled for several months to honor its interest payments and its deliveries of apartments, after Beijing wanted to severely regulate a bloated Chinese real estate sector.
The group has already experienced a suspension of its listing in October.
It has already been classified in default by international rating agencies after failing to repay its debts on time in November.
Last week, Evergrande briefly reassured investors by insisting it would be able to deliver tens of thousands of units this month, and pay off some debts.
But the stock plunged at the weekend after reports of two other overseas defaults.
In September, real estate buyers and investors came to demonstrate in front of the headquarters in Shenzhen to express their concerns over the developer’s difficulties in honoring its obligations to suppliers and contractors.
In recent months, the company has repeatedly said it will complete the projects it started, in a desperate attempt to save its debts, despite missing the first payment by more than $ 1.45 billion.
Evergrande tried to sell assets and reduce its stakes in other companies. Its chairman, Hui Ka Yan, known as Xu Jiayin in Mandarin, has paid off some of his debts with his considerable personal wealth.
The company’s debt restructuring process is overseen by the government of Guangdong Province, where Evergrande is headquartered.