Evergrande and its subsidiaries suspend listing on the Hong Kong Stock Exchange

• Economy Evergrande, the real estate giant that is dying

Chinese real estate giant

has frozen its listing on the Hong Kong Stock Exchange following the publication of an

.

Also suspending trading in their shares were Evergrande's two

Kong-listed subsidiaries, property management arm

and electric vehicle maker

.

The terse statements offer no information on what kind of announcement the companies in question will make or when they will resume trading.

According to the Shanghainese newspaper

, last Thursday

would have closed the sale of its 30% stake in a developer in the eastern city of

, capital of Jiangsu province, although details of the transaction are unknown at the moment.

That same medium also reported that the conglomerate held a meeting with the creditors of

(628 million dollars, 569 million euros) in which it was agreed that the payment of accrued interest between September 2020 and 2021 is postponed to the ninth month of this year.

In addition, it should be remembered that next Wednesday, March 23,

has to face the payment of some 2,100 million dollars of a bond listed through the Singapore Stock Exchange.

Fears about the company's financial status increased significantly during the second half of 2021, in which the company - which accumulates liabilities of more than 300,000 million dollars - began to show signs of inability to meet its bond payments. offshore.

In fact, some important rating agencies such as Fitch indicated in December that they already considered that

-and other Chinese developers such as Kaisa- had incurred in a situation of non-payment of part of its debts abroad.

The financial position of many Chinese real estate companies worsened after, in August 2020, Beijing announced restrictions on access to bank financing for developers who, like

, had accumulated a high level of debt, supporting their growth for years on aggressive leverage policies. .

Chinese authorities have already intervened in the company, which announced in January that it would submit a "preliminary restructuring proposal" to its creditors within the next six months.

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