News

China Evergrande shares briefly pop in reopen after developer says contracted sales dropped 38.7% in 2021

In this article

An exterior view of China Evergrande Centre in Hong Kong, China March 26, 2018.
Bobby Yip | Reuters

BEIJING — Indebted property developer China Evergrande‘s contracted sales plunged last year as the real estate giant struggled to repay creditors.

A filing Tuesday showed the company’s contracted sales of properties totaled 443.02 billion yuan ($69.22 billion) last year, down 38.7% from the 723.25 billion yuan in contracted sales reported for 2020.

Evergrande said it applied for shares to resume trading in Hong Kong at 1 p.m. on Tuesday, according to the filing. Trading was halted as of 9 a.m. Monday.

The company added it “will continue to actively maintain communication with creditors, strive to resolve risks and safeguard the legitimate rights and interests of all parties.”

This is breaking news. Please check back for updates.

Products You May Like

Articles You May Like

London’s rental market is in crisis. Here’s why and how renters are struggling
China’s real estate crisis isn’t over yet, IMF says
Harlem City Council member Kristin Jordan Richardson silent over $700M project One45
Hong Kong services to rebound as China reopens, but UBP says sector is coming from ‘fragile situation’
3 key things to know before opening a home equity line of credit

Leave a Reply

Your email address will not be published. Required fields are marked *