Evergrande asks for resumption of share trading
Property giant Guangzhou Evergrande Group says it’s applied for a resumption of trading in its shares from Monday, saying it’s fulfilled the requirements set down by the Hong Kong Stock Exchange. Evergrande’s shares have been suspended since March last year after the mainland developer experienced a liquidity crunch in mid-2021.  In a filing to the exchange, Evergrande said its external auditor had reviewed an independent investigation report and concluded that there are no significant off-balance sheet transactions, assets and liabilities, or pledged deposits other than those disclosed by the company. It says that it had published all outstanding financial results required under the listing rules and considered that the issues raised by its former auditor PricewaterhouseCoopers, in its resignation letter, have been satisfactorily resolved. Evergrande earlier this month applied for bankruptcy protection in the United States under Chapter 15, which is intended to shield the US assets of non-US companies undergoing restructuring elsewhere. A decision on its application is expected next month. The company will meet creditors before the end of the month to discuss an offshore debt restructuring that involves a total of US$31.7 billion, which includes bonds, collateral and repurchase obligations. (RTHK/Reuters)