China’s Evergrande Property applies to resume trading on Hong Kong exchange

EVERGRANDE Property Services Group said on Wednesday (Aug 2) it had applied to the Hong Kong Stock Exchange to resume trading of the company’s shares from Aug 3.

Shares of the company, the property services unit of China Evergrande Group, have been suspended from trading since Mar 21, 2022, after being sucked into a debt crisis in mid-2021 that had hit multiple Chinese property developers.

The company posted its long-overdue financial results in June this year, reporting a 46.4 per cent plunge in its fiscal 2022 profit when compared with fiscal 2020.

The property services unit said it has sufficient assets for its business operations and expects to maintain a growth level of revenue and net profit comparable to that of property service industry leaders. REUTERS