China developer Evergrande shares suspended from trade in Hong Kong

[HONG KONG] Shares in Chinese property developer Evergrande Group were suspended from trading in Hong Kong on Monday afternoon, the stock exchange said, without giving a reason for the halt.

Evergrande, the country's no. 2 developer by sales for the first half of this year, said it would issue a statement later in the day.

Highly acquisitive Evergrande has captured investor attention after amassing some US$57 billion in debt, although it has a market value of about US$10 billion.

It has also bought shares worth US$2.2 billion in rival China Vanke, putting itself itself in the middle of a high profile corporate battle.

Last week it said it was selling some non-core assets for US$405 billion.

Its shares last traded at HK$5.24, unchanged from Friday.

REUTERS