EVGRF - China's Evergrande Shares Halted As Hong Kong Court Orders Liquidation Of World's Most Indebted Developer With Over $300B In Liabilities | Benzinga
The shares of China Evergrande (OTC:EGRNQ) were temporarily suspended after a Hong Kong court issued a liquidation order for the troubled real estate giant.
What Happened: The shares of China Evergrande, a major property developer in the country and the world’s most indebted developer with over $300 billion in liabilities, were halted after experiencing a 20% drop in early trading on Monday. This decision was made in the wake of a Hong Kong court’s ruling to liquidate the company, reported CNBC.
China Evergrande, once a leading property developer in the country, has been grappling with a severe debt crisis in recent years. The company’s overseas creditors failed to reach a last-minute agreement over the weekend, potentially leading to the imminent liquidation of the real estate developer.
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Evergrande, the world’s most indebted property developer, defaulted in 2021 and announced an offshore debt ...