HomeFinance NewsEvergrande Chairman Under Surveillance, Shares Suspended: Latest Reports

Evergrande Chairman Under Surveillance, Shares Suspended: Latest Reports

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Shares of Chinese real estate developer Evergrande have been suspended on the Hong Kong exchange. This comes as the company’s chairman is reportedly under surveillance. Evergrande’s shares last closed at 32 Hong Kong cents on Wednesday. This is not the first time trading has been suspended for the embattled company, as it previously faced a 17-month hiatus last year.

Earlier this month, Evergrande delayed a debt restructuring meeting with creditors, citing lower-than-expected sales. The company stated that it needed to reassess the terms of the proposed restructuring to address its current situation and meet the demands of its creditors. Additionally, Evergrande revealed that an investigation into its subsidiary Hengda Real Estate prevented it from issuing new notes under its debt restructuring plan. Furthermore, the unit is under investigation by the Chinese securities regulator for suspected violations of information disclosure.

These developments follow the detainment of some staff at Evergrande’s wealth management unit and the company’s filing for Chapter 15 bankruptcy protection in the United States. Evergrande’s affiliates, Tianji Holdings and Scenery Journey, have also filed for Chapter 15 protection in a Manhattan bankruptcy court. The situation surrounding Evergrande remains fluid and updates are expected in the future.

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