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    World

    Evergrande's shares plummet over 80% following resumption of trading

    Evergrande's shares plummet over 80% following resumption of trading

    In the aftermath of a 17-month suspension, the shares of the Chinese real estate behemoth Evergrande plummeted by over 80% in Hong Kong during Monday's morning trading session, DW reports.

    Evergrande's shares plummeted over 80% following the resumption of trading.
    Source: CNN

    This significant decline, which saw the stock's value shrink from its previous level above HKD 30 to just 39 Hong Kong cents, mirrors the challenges afflicting China's real estate industry as the second-largest global economy endeavors to rebound from the aftermath of the pandemic-induced downturn.

    Evergrande's Recent Developments: The resumption of Evergrande's share trading came subsequent to the company's announcement on Friday that it had fulfilled the requisite criteria by disclosing its financial results and meeting other listing regulations. Trading of Evergrande shares had been suspended by the Hong Kong Stock Exchange in March 2022 due to the company's failure to release its financial results for the year 2021.

    Last month, Evergrande eventually unveiled its financial results for both 2021 and 2022, which revealed a substantial net loss of more than $113 billion over the two-year period. Once a prominent force in China's real estate sector, Evergrande faced a default in 2021 and presently grapples with liabilities exceeding $300 billion amidst a nationwide property market crisis.

    On Sunday, Evergrande disclosed its losses for the first half of the current year, totaling 33 billion yuan, a rise from the 66.4 billion yuan loss reported in the same period the prior year. However, the company's cash assets diminished by $2 billion, leaving it with $556 million.

    Extensive Restructuring Efforts Underway: Evergrande declared its ongoing process of restructuring its offshore debts in response to a highly volatile market environment.

    As part of a proposal set to be voted on by creditors on Monday, they will have the option to convert their debt into new notes issued by the company and equities in two subsidiaries – Evergrande Property Services Group and Evergrande New Energy Vehicle Group.

    In earlier developments this month, Evergrande filed for bankruptcy protection in the United States, seeking to safeguard its assets in the country during the ongoing restructuring process.

     

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    28.08.2023, 17:56   Comments (0)   1269
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