Embattled Chinese property giant Evergrande has suspended share trading on the Hong Kong stock exchange only a month after it resumed trading after a 17-month suspension.
Trading in its two other units – the property services and electric vehicle groups – also stopped at 9am on Thursday, according to notices posted by the stock exchange.
The halt in trading comes a day after reports that the chair of Evergrande had been put under police surveillance. Hui Ka Yan, who founded Evergrande in 1996, was taken away earlier this month and is being monitored at a designated location, according to Bloomberg.
it’s surprising that they were allowed to resume trading at all. that company’s finances are super sketchy, and the past/current issues are directly the fault of the CCP (or corrupt elements of the CCP if dont want to generalize, but it amounts to the same thing).