Evergrande’s stock was in freefall — losing more than 20% of its value immediately after the court decision became known
A Hong Kong court has ordered Evergrande, the beleaguered Chinese real estate giant, into liquidation after it failed to present a convincing restructuring plan by a deadline.
Given “the apparent lack of progress on the part of the company in presenting a viable restructuring plan (…) I consider it appropriate for the court to proceed with the issuance of a decision for the liquidation of the company, and so I order,” said judge Linda Chan.
Evergrande’s stock plummeted — losing more than 20% of its value immediately after the court decision was announced — prompting the Hong Kong stock exchange to announce that it was suspending its trading.
“Trading in the securities of (…) Evergrande Property Services Group Limited was suspended at 10:19” (local time; 04:19 Greek time), the Hong Kong stock exchange said, clarifying that trading was also suspended. of the share of the group’s subsidiary active in the field of electric cars, Evergrande NEV.
Source: Skai
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