China Evergrande Shares Halted From Trading

China Evergrande Shares Halted From Trading

Andrew H. Sweet

Evergrande, the world's most indebted developer, is struggling to repay more than $300 billion in liabilities, including nearly $20 billion of international market bonds that were deemed to be in cross-default by rating firms last month after it missed payments.

The property developer missed new coupon payments worth $255 million due last Tuesday, though both have a 30-day grace period.

Local media reported over the weekend a city government in the Chinese resort island of Hainan had ordered Evergrande on December 30 to demolish its 39 residential buildings within ten days due to illegal construction.

Read the original story here.

Comments

Sign in or become a tippinsights member to join the conversation.
Just enter your email below to get a log in link.