HONG KONG (BLOOMBERG) - Embattled Chinese property giant China Evergrande Group, along with its other units, suspended trading in Hong Kong on Monday morning (March 21), according to exchange filings.
Shares of Evergrande Property Services Group and China Evergrande New Energy Vehicle Group were also halted, without any reason given.
The pause comes after Shenzhen-based Evergrande said in January that it aimed to present a preliminary restructuring proposal in the next six months.
With more than US$300 billion (S$406.5 billion) in liabilities, Evergrande has been at the centre of a cash crisis among Chinese property developers since Beijing's crackdown.
It has so far avoided technical bond defaults onshore, though it has missed payments on some offshore bonds.
Investors are watching for signs of further asset sales as the group faces pressure from bond holders and offshore creditors in what is likely to become one of China’s largest restructurings.
Evergrande is under pressure to pay suppliers and migrant workers and complete millions of unfinished homes.
On Sunday, an onshore unit of the firm said it received bond holders’ approval to delay coupon payments on its four billion yuan (S$852 million) note, meaning the delay will not trigger a default on the bond.
Evergrande Group's shares have risen 3.8 per cent in Hong Kong this year following a 89 per cent slump in 2021.