Evergrande shares close down 79pc
Shares of Evergrande tumbled 78.8 percent on Monday after the world's most-indebted developer resumed trade after a 17-month halt. Evergrande's stock closed at HK$0.35, wiping roughly US$2 billion off its market value. Trading in the company was halted for 17 months for not publishing its financial results. Evergrande said in a filing on Friday that it had "fulfilled the resumption guidance" set out by the bourse, including belatedly publishing its financial results and complying with other listing rules. Its shares plunged 86.7 percent at the opening. Once China's largest real estate firm, Evergrande is saddled with more than US$300 billion in liabilities. The company on Sunday reported fresh losses for the first half of the year amounting to 33 billion yuan, as well as dwindling liquidity, with just US$556 million in cash assets. Evergrande was supposed to hold creditor meetings on Monday on its offshore debt restructuring proposal, but it announced in the afternoon the meetings were delayed – just hours before they were set to take place.  The postponement of roughly one month will allow creditors to "consider, understand and evaluate" the plan, the company said in an exchange filing.  The meetings will take place between September 25 and 26, which the developer said was "in line" with the timetable creditors expected. Earlier this month, the company filed for bankruptcy protection in the United States, a measure to protect its US assets during its restructuring. (Agencies)_____________________________
Last updated: 2023-08-28 HKT 16:34 