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Trading Halted in Evergrande Bonds on Liquidity Concern: FT
Evergrande's head office in Guangzhou is seen in this image from July 2020 by Reuters.

 

(AF) Trading was temporarily halted in the bonds of troubled developer China Evergrande amid growing concern it doesn’t have the cash to pay contractors and suppliers, the Financial Times reported.

The heavily indebted company, which warned earlier this week it may default on a bond payment, blamed “negative reports” for the loss of confidence in its assets, some of whose prices fell beyond the 20% trading circuit-breaker, the report stated. Evergrande has been in trouble for months and has sought to sell parts of its business to lessen towering debts, the report added. Full report: Financial Times   

 

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Mark McCord

Mark McCord is a financial journalist with more than three decades experience writing and editing at global news wires including Bloomberg and AFP, as well as daily newspapers in Hong Kong, Sydney and Melbourne. He has covered some of the biggest breaking news events in recent years including the Enron scandal, the New York terrorist attacks and the Iraq War. He is based in the UK. You can tweet to Mark at @MarkMcC64371550.

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