Evergrande's shares plummeted by over 80% as they resumed trading in Hong Kong, following the company's announcement of a $4.5 billion loss for the first half of the year, exacerbating concerns about China's real estate market crisis.
China Evergrande Group, the heavily indebted real estate developer, is set to resume trading on Monday after a 17-month suspension, following a reported loss of $4.5 billion in the first half of the year.
Chinese authorities have detained personnel from Evergrande's financial subsidiary as part of their involvement in the ongoing crisis, with the detained individuals being part of Evergrande Financial Wealth Management Co., triggering further financial chaos.
Hong Kong cryptocurrency exchange JPEX has suspended trading following an investigation by the Hong Kong Securities and Futures Commission, resulting in the arrest of one individual, and the exchange is considering restructuring as a Decentralized Autonomous Organization (DAO) due to operational difficulties.
Shares in crisis-hit China Evergrande have plunged by up to a quarter after the apparent detention of staff by police, reigniting concerns about the state of the company and China's wider property sector.
China Evergrande Group shares dropped by as much as 8% after a unit of the company failed to make a 4 billion yuan ($547 million) bond repayment, adding another setback to the embattled property developer's ongoing financial troubles.
Shares in Evergrande closed down 7% on Tuesday after the embattled property developer missed another bond payment, raising concerns about the company's ability to restructure its debt and the potential for a disorderly collapse that could damage China's wider economy.
The chairman of China Evergrande Group, Hui Ka Yan, has been placed under police surveillance amid the company's worsening financial situation and regulatory investigation.
Shares of Evergrande Group, the troubled Chinese property developer, plummeted further amid concerns of a possible liquidation, following a warning that its offshore debt restructuring plan may be in jeopardy due to a regulatory probe, increasing investors' fears.
Stocks were mixed with the Dow Jones slipping, the S&P 500 unchanged, and the Nasdaq adding, while oil prices surged and China Evergrande Group's shares were suspended due to the chairman being under police surveillance, all as the possibility of a U.S. government shutdown adds uncertainty to the market.
China's real estate giant Evergrande is facing a series of setbacks, including a suspension of trading and investigations into its executives, raising concerns about a potential liquidation and the negative impact on China's economy.
Shares of Chinese real estate giant Evergrande have surged after trading in the company resumed in Hong Kong following a temporary suspension, amidst investigations into its billionaire founder and a default on its debts, triggering a property crisis in China.
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