HONG KONG, Oct 3 — Shares in heavily indebted Chinese property giant Evergrande ended higher today as they resumed trade following last week's suspension when the firm...
A worker walks past a housing complex under construction by Chinese property developer Evergrande in Wuhan, in China's central Hubei province on September 28, 2023. — AFP picHONG KONG, Oct 3 — Shares in heavily indebted Chinese property giant Evergrande ended higher today as they resumed trade following last week's suspension when the firm announced its boss was under criminal investigation.
When trading resumed Tuesday, its shares initially jumped more than 60 per cent before paring much of their gains to close up 28 per cent at HK$0.41. In July 2020 the stock had traded at more than HK$25. Stephen Innes of SPI Asset Management added:"The extent to which the rally sticks and even moves out of penny stock territory will significantly depend on whether a government policy is put in the offing."And the company warned last month it was unable to issue new debt because its subsidiary, Hengda Real Estate Group, was being investigated. Key meetings planned for debt restructuring were shelved.
Given the changing status of the Evergrande crisis and the property market contributing to one-third of the country's economic activity, Innes said he could not"see China sitting back and watching the real estate market crumble". Authorities have gradually tightened developers' access to credit since 2020, and a wave of defaults has followed — notably that of Evergrande.
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