Shares in China property giant Evergrande suspended after debt payments missed

Trading on Hong Kong stock market halted amid concerns that foreign bondholders could lose 75% of their investment

Trading in shares of debt-laden China Evergrande was suspended by the Hong Kong exchange on Monday after the enormous Chinese developer missed a key bond interest payment last week, its second offshore debt obligation in a week.

With liabilities equal to 2% of China’s GDP, Evergrande has sparked concerns its woes could spread through the financial system and reverberate around the world.

The cash-strapped group said on 30 September that its wealth management unit had made a 10% repayment of wealth management products (WMPs), which are largely owned by Chinese retail investors, that were due by the same date.

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source https://www.theguardian.com/world/2021/oct/04/shares-in-china-property-giant-evergrande-suspended-after-debt-payments-missed

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