China Evergrande Group announced its shares will be suspended from trading on the Hong Kong stock exchange on Monday without giving any reason why.
Cifi Holdings, a Chinese property developer, offered to buy its outstanding 5.5% bond due in 2022 at $1,000.5 for each $1,000 in principal amount plus accrued and unpaid interest.
Bloomberg reported that China Evergrande on Friday dialed back payment plans on billions of dollars of overdue wealth management products as its liquidity crisis showed little sign of easing.
Last month, the company denied that it has entered into bankruptcy liquidation process following the crisis Evergrande has been facing in recent months. Now that the stock has been suspended from trading in Hong Kong – doubts have already started circulating around Evergrande’s current financial situation.