China Evergrande shares suspended amid reports of demolition order
Shares in China’s Evergrande Group have been suspended from trading, the embattled property developer announced on Monday, without giving any reason.
It came amid Chinese media reports that the world’s most indebted developer was ordered by authorities in southern Hainan province to demolish 39 buildings in 10 days because the building permits were illegally obtained.
The order reportedly concerns the huge Ocean Flower project, which is a resort-style development built on islands off the coast of Hainan, according to the Chinese news outlet Cailian.
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Evergrande is struggling to repay more than $300bn (£222bn) in liabilities, including nearly $20bn of international market bonds that were deemed to be in cross-default by ratings firms last month after it missed payments.
https://www.theguardian.com/business/2022/jan/03/china-evergrande-shares-suspended-from-trading-in-hong-kong
Those international bond holders may as well kiss their money good-bye. They are always last when any Chinese company defaults
