China developer Evergrande shares suspended from trade in Hong Kong
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[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.
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REUTERS
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