{"id":6635,"date":"2023-08-28T19:02:55","date_gmt":"2023-08-28T14:02:55","guid":{"rendered":"https:\/\/www.asiafreepress.com\/?p=6635"},"modified":"2023-08-28T19:02:57","modified_gmt":"2023-08-28T14:02:57","slug":"china-developer-evergrande-plunges-after-resuming-hong-kong-trading","status":"publish","type":"post","link":"https:\/\/www.asiafreepress.com\/en_gb\/news\/china-developer-evergrande-plunges-after-resuming-hong-kong-trading\/","title":{"rendered":"China developer Evergrande plunges after resuming Hong Kong trading"},"content":{"rendered":"<p><strong>Shares in troubled Chinese property giant Evergrande plummeted about 80 percent in Hong Kong on Monday after the lifting of a 17-month trading suspension.<\/strong><\/p>\n\n\n\n<p>The resumption of trading came after the company said in a filing on Friday that it had met guidelines set out by the bourse, including belatedly publishing its financial results and complying with other listing rules.<\/p>\n\n\n\n<p>Once China&#8217;s largest real estate firm, Evergrande defaulted in 2021 and is saddled with more than $300 billion in liabilities, becoming a symbol of the nationwide property crisis that many fear could spill over globally.<\/p>\n\n\n\n<p>Its shares plunged as much as 87 percent during morning trading, slashing its market value from a peak of more than $50 billion in 2017 to around $590 million as of lunch break.<\/p>\n\n\n\n<p>The company on Sunday reported fresh losses for the first half of the year amounting to 33 billion yuan ($4.53 billion) &#8212; an improvement on the 66.4 billion yuan in losses reported in the same period last year.<\/p>\n\n\n\n<p>But its cash assets fell from $2 billion last year to $556 million, reflecting its dwindling liquidity.<\/p>\n\n\n\n<p>China&#8217;s property market &#8220;cooled down significantly&#8221; in the first six months of the year and saw new defaults in the sector, &#8220;further exacerbating the volatility in the market&#8221;, Evergrande said.<\/p>\n\n\n\n<p>&#8220;Based on the principles of respecting international restructuring practices and treating the rights and claims of all creditors in a fair and equitable manner, the Company steadily pushed forward the work related to the restructuring of its offshore debts,&#8221; the firm added.<\/p>","protected":false},"excerpt":{"rendered":"<p>Shares in troubled Chinese property giant Evergrande plummeted about 80 percent in Hong Kong on Monday after the lifting of a 17-month trading suspension. The resumption of trading came after the company said in a filing on Friday that it had met guidelines set out by the bourse, including belatedly publishing its financial results and [&hellip;]<\/p>","protected":false},"author":15,"featured_media":6636,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[80,3,81,396,2],"tags":[],"class_list":["post-6635","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-asia","category-business","category-china","category-latest","category-news"],"_links":{"self":[{"href":"https:\/\/www.asiafreepress.com\/en_gb\/wp-json\/wp\/v2\/posts\/6635"}],"collection":[{"href":"https:\/\/www.asiafreepress.com\/en_gb\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.asiafreepress.com\/en_gb\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.asiafreepress.com\/en_gb\/wp-json\/wp\/v2\/users\/15"}],"replies":[{"embeddable":true,"href":"https:\/\/www.asiafreepress.com\/en_gb\/wp-json\/wp\/v2\/comments?post=6635"}],"version-history":[{"count":0,"href":"https:\/\/www.asiafreepress.com\/en_gb\/wp-json\/wp\/v2\/posts\/6635\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.asiafreepress.com\/en_gb\/wp-json\/wp\/v2\/media\/6636"}],"wp:attachment":[{"href":"https:\/\/www.asiafreepress.com\/en_gb\/wp-json\/wp\/v2\/media?parent=6635"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.asiafreepress.com\/en_gb\/wp-json\/wp\/v2\/categories?post=6635"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.asiafreepress.com\/en_gb\/wp-json\/wp\/v2\/tags?post=6635"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}