China Evergrande trading halt spurs asset sale speculation

Published by
Reuters

By Tom Westbrook and Donny Kwok HONG KONG (Reuters) -Shares of distressed developer China Evergrande and its profitable property management unit were suspended from trade in Hong Kong on Monday, sparking speculation about a possible asset divestment at the cash-strapped company. Once China’s top-selling developer, Evergrande is facing what could be one of the country’s largest-ever restructurings as a crackdown on debt leaves it unable to refinance $305 billion in liabilities. The Hong Kong stock exchange gave no reason for the suspension of Evergrande or of shares in its unit Evergrande Prope…

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