Shares
of
Evergrande
were
suspended
on
Thursday,
Hong
Kong’s
exchange
announced.
Seen
here
are
residential
buildings
under
construction
at
the
Tao
Yuan
Tian
Jing
project,
developed
by
China
Evergrande
Group,
in
Yangzhou,
China.
Bloomberg
|
Getty
Images
Shares
of
China
Evergrande
Group
were
suspended
on
Thursday,
Hong
Kong’s
exchange
announced.
The
chairman
of
the
embattled
Chinese
real
estate
developer
has
reportedly
been
placed
under
surveillance,
according
to
Bloomberg
News.
Evergrande
shares
last
closed
at
32
Hong
Kong
cents
on
Wednesday.
This
is
not
the
first
time
that
Evergrande’s
shares
have
been
suspended.
Trading
was
suspended
in
March
last
year
and
only
resumed
trading
on
Aug.
28,
after
a
17
month
hiatus.
Late
Wednesday,
Evergrande
reported
a
loss
attributable
to
shareholders
of
33
billion
yuan
($4.15
billion)
for
the
six
months
ended
June.
Operating
loss
stood
at
11.72
billion
yuan,
down
from
39.36
billion
in
the
first
half
of
2022.
In
July,
the
company posted
a
combined
net
loss of
$81
billion
for
2021
and
2022,
in
its
long
overdue
earnings
report.
That
compares
to
a
net
profit
of
8.1
billion
yuan
in
2020
—
before
the
company
went
into
default.
Just
this
month,
Evergrande
delayed
a
debt
restructuring
meeting
with
creditors,
saying
in
a
filing “the
sales
of
the
Group
has
not
been
as
expected
by
the
company”
since
its March
debt
restructuring
announcement.
As
such,
Evergrande
“considers
it
necessary
to
re-assess
the
terms
of
the
proposed
restructuring
to
meet
the
company’s
objective
situation
and
the
demand
of
the
creditors.”
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