China Evergrande Group, world's most indebted developer, says shares will be suspended from trading, without giving a reason
The provincial government of Guangdong – where the firm is headquartered – is currently overseeing Evergrande's debt restructuring process.
Drowning in $300 billion in liabilities, the firm has struggled to repay bondholders and investors after becoming ensnared in Beijing's deleveraging crackdown on China's bloated property sector. Earlier struggles to pay suppliers and contractors due to the debt crisis led to sustained protests from homebuyers and investors at the group's Shenzhen headquarters in September.
But its shares took a dive at the end of the week after a report that the group had failed to meet two more offshore payments.In recent months, the company has repeatedly said it will finish its unfinished projects and deliver them to buyers in a desperate bid to salvage its debts, despite having missed the earlier payment of more than $1.2 billion.
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