Evergrande trading halted, chair Hui Ka Yan reportedly still under watch
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The news: Trading in shares of embattled China property developer Evergrande has been suspended as concerns mount about the company's liquidation risk.
The numbers: Evergrande, the developer at the centre of China's property sector liquidity crisis, has more than USD300 billion ($471.3 billion) in liabilities, Reuters reports. Evergrande's shares closed 19% lower on the HKSE on Wednesday and are down 81% since trading resumed from its last suspension in August.
The context: The trade suspension came a day after Bloomberg reported Evergrande's billionaire chair and founder Hui Ka Yan had been taken to a designated location for surveillance. Earlier this week, Evergrande's debt restructuring plan ran into trouble after it reported an investigation into the group's China unit had prevented it from issuing new debt. In 2017, Hui was Asia's second richest man with a net worth of USD45.3 billion, which has since slumped to USD3.2 billion, according to Forbes.
