Evergrande shares volatile as trade resumes amid chairman probe
© Reuters. A woman rides a scooter past residential buildings at an Evergrande residential complex in Beijing, China September 27, 2023. REUTERS/Florence Lo/File photo) jumped as much as 42% in volatile trade on Tuesday, days after the embattled developer said its billionaire founder was being investigated over unspecified crimes.
"There is currently no other inside information in relation to the company that needs to be disclosed," Evergrande said in a statement late on Monday. The once top-selling Chinese developer has been embroiled in a debt crisis that reached a turning point when it defaulted on its offshore debt obligations in late 2021, sending jitters through global markets amid fears of contagion.
With the latest setbacks, some analysts say the debt restructuring plan now looks set to falter and that the risks of the company being liquidated are increasing.Comment Guidelines
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China Evergrande shares set to resume trade on TuesdayChina Evergrande Group said on Monday it has applied to the Hong Kong Stock Exchange for trading in its shares to resume on Tuesday, adding there is currently no other inside information related to the company that needs to be disclosed.
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