Beijing, Oct. 3, (dpa/GNA) – Trading in the shares of Chinese real estate giant Evergrande resumed on Tuesday in Hong Kong after a temporary stoppage.
Evergrande Group shares and Evergrande’s property services group resumed trading at 9:00 am (0100 GMT), the Hong Kong Stock Exchange announced.
On September 28, the Shenzhen-based group stopped trading its shares on the Hong Kong Stock Exchange. The real estate giant has been in a serious crisis for years and is in debt to the tune of tens of billions of dollars.
In addition, authorities are investigating company executive and founder Hui Ka Yan and other employees, according to the company. However, the board has decided that no further insider information from the company needs to be made public, the group announced on Monday.
Evergrande is a major player in the Chinese property sector as well as its most indebted company, with liabilities estimated at $330 billion.
China’s property sector is a major driver of economic growth, contributing more than a quarter to the annual rise in gross domestic product over recent years.
International observers fear a meltdown in the sector will impact the wider Chinese economy with global knock-on effects.
GNA