The indebted Chinese real estate developer Evergrande indicated on Monday that it requested the resumption of trading on the Hong Kong stock market starting Tuesday, while its CEO, suspected of violating the law, is under police surveillance.
The group’s listings were suspended on Thursday, but Evergrande requested its “resumption” starting Tuesday “October 3, 2023 at 9 a.m.”the company said in a statement.
The suspension occurred after a media report emerged that the company’s leader, Xu Jiayin (also known by his Cantonese name Hui Ka Yan), is under residential surveillance.
Evergrande later acknowledged that Xu is “subject to coercive measures due to suspicions of crime or offense in violation of the law”without giving more details.
The term “coercive measures” It generally designates in China a form of deprivation of liberty to ensure the proper conduct of criminal proceedings.
At the end of June, Evergrande had a colossal debt estimated at US$328 billion (307 billion euros).
Xu Jiayin’s situation overshadowed the future of Evergrande, which hoped to finalize a debt restructuring plan in the coming weeks to avoid bankruptcy.
Source: AFP
Source: Gestion
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