Sunday, October 3, 2021

Stock Market DOOM! Evergrande (3333 HK) And Evergrande Property Services (6666 HK) Stock Trading Halted In Hong Kong.

Evergrande Shares Halted Amid Report of Unit Stake Sale 

China Evergrande Group and its property services arm were halted in Hong Kong stock trading amid a report that the developer agreed to sell a controlling stake in the unit to raise much-needed cash. No reason was given for the suspensions, a stock exchange filing showed on Monday. Hopson Development Holdings Ltd. plans to acquire a 51% stake in Evergrande Property Services Group Ltd., according to Cailian, citing unidentified people. Cailian amended an earlier report to clarify that the deal would give the unit a valuation of more than HK$40 billion ($5.1 billion). Hopson Development shares were also halted, and its bonds plunged on the news. Source

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