Evergrande shares jump after trading halt lifted

The news: Shares in embattled Chinese property developer Evergrande have jumped after resuming trade on the Hong Kong stock exchange, as its billionaire chair remains under police control for suspected crimes.

The numbers: Evergrande shares jumped to HKD$0.385 ($0.08) after being frozen at HKD$0.32 since last Thursday's trading halt, but have still lost about three-quarters of their value since nose-diving in August after a separate 17-month trading halt. Evergrande currently has more than USD327 billion ($514 billion) in liabilities, the Wall Street Journal reports, and recent debt restructuring plans have fallen under the wheels of the investigation into its main China unit.

The context: Evergrande is at the centre of a crisis in China's property sector, which accounts for about a quarter of the national economy. Last week, its chair and founder Hui Ka Yan was placed under residential surveillance and his movements restricted as authorities investigate whether Evergrande tried to transfer assets offshore while struggling to complete unfinished projects in China, the Wall Street Journal reports.